Las Vegas Sands price target lowered to $59 from $64 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Las Vegas Sands to $59 from $64 and keeps an Overweight rating on the shares. The firm is “taking some chips off the table” in to reflect a more tempered view on gaming going into 2024 as it sees gaming/lodging/leisure having “another mixed hand into 2024.” However, Las Vegas Sands is one of its two “Most Preferred Overweights” as the firm sees potential for the mass market in Macau to “buck the China macro” and create a catalyst for re-rating, the analyst tells investors. Significant capital return could help protect downside, the analyst added.