Jefferies upgraded Las Vegas Sands (LVS) to Buy from Hold with a price target of $69, up from $60. The firm says the improving macro conditions in Macau will increase the strength of the mass segment consumer, which Las Vegas Sands has significant exposure to, ultimately allowing for incremental growth to its estimates in the near-term. Furthermore, the company is focused on upgrading properties within its portfolio while utilizing its “sector-leading” balance sheet to repurchase shares, the analyst tells investors in a research note. Jefferies believes the setup in Macau “is ideal” for Las Vegas Sands to gain market share in a market expected to recover to 2019 levels by 2026.
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