Sands China downgraded to Buy from Conviction Buy at Goldman Sachs

Goldman Sachs removed Sands China from the firm’s Conviction List, while keeping a Buy rating on the shares with a HK$36 price target. When Goldman added Sands China to its Conviction List in early 2022, his thesis was that the market was too pessimistic and priced in too much downside from the potential loss of the gaming license, as the stock was trading at about 20% discount to sector average. After its outperformance over the past year, such valuation discount has diminished, the firm says.