Morgan Stanley analyst Stephen Grambling raised the firm’s price target on Las Vegas Sands (LVS) to $62 from $61 and keeps an Overweight rating on the shares. In a Q1 preview note for the North American casino and online betting group, Morgan Stanley tweaked its estimates to reflect weaker Regionals, recent RevPAR data, and updated forecasts for online sports betting, iGaming and Vegas. While some investors are looking for a “new cycle” to re-accelerate trends, the firm does not see an inflection for gaming given already lagging fundamentals and it highlights Las Vegas Sands and DraftKings (DKNG) for what it views as their “idiosyncratic upside,” the analyst tells investors.
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