Wells Fargo lowered the firm’s price target on Las Vegas Sands to $64 from $65 and keeps an Overweight rating on the shares. The firm notes Las Vegas Sands reported in-line EBITDAR on a hold-adjusted basis, with favorable Singapore hold offsetting unfavorable Macau hold. Macau EBITDA is back to 88% of 2019 on solid margins as Macau’s recovery continues to buck China macro, Wells adds.
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