Wells Fargo analyst Daniel Politzer raised the firm’s price target on Las Vegas Sands to $53 from $45 and keeps an Overweight rating on the shares as he tweaks his model to reflect China’s recent policy pivot and Macau’s anticipated re-opening. His conviction on the shape/speed of the recovery is low, and he thinks 2023 will be a look-through year, with the Q1/re-opening messy, potential stabilization in the Q2, and improvement in the Q3/Q4; his base case is for 2024 to be a relatively normal year of operations in Macau.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on LVS:
- Casinos in Macau Likely to have a Rollicking 2023
- Bet On It: Operators gear up for sports betting launch in Ohio
- Nevada reports November statewide gaming win down 7.62% to $1.22B
- Macau GGR could be lifted ‘significantly’ from early 2023, says UBS
- Casino Stocks Rally as China Eases COVID-19 Restrictions