Las Vegas Sands price target lowered to $65 from $70 at Stifel

Stifel lowered the firm’s price target on Las Vegas Sands to $65 from $70 and keeps a Buy rating on the shares. While investor expectations around Macau remain low, the firm believes Las Vegas Sands has now “essentially de-risked the remainder of 2024/early-2025” and the firm says that “hopefully 1Q24 results will end up being a clearing event.” While near-term results will continue to get scrutinized, the firm continues to believe investors are underestimating the full magnitude of the Macau market and would be using any near-term weakness to buy shares for investors with a longer-term time horizon, the analyst added.