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.
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Published first on TheFly
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