Las Vegas Sands price target lowered to $60 from $62 at Wells Fargo

Wells Fargo lowered the firm’s price target on Las Vegas Sands to $60 from $62 and keeps an Overweight rating on the shares. The firm notes Q1 2024 prop. EBITDAR was +4% vs. Wells’/Street’s estimates, but in line on a hold-adjusted basis. Macau missed and MBS beat on accelerating China visitation. For Las Vegas Sands, Macau likely choppy through the first half of 2025, but long-term thesis intact, the firm adds.