2023-04-20 10:06:50 ET
Las Vegas Sands ( NYSE: LVS ) stock rose sharply on Thursday after posting a strong earnings result, which was met with positive reviews by sell-side analysts.
For the first quarter, the China-focused casino operator posted a significant beat on top and bottom lines. Robust performance in Singapore as well as a rebound in Macau was credited for the positive results.
“The quarter exceeded our optimistic Street-high expectations, primarily driven by high-end gaming in Macau, which is notably bullish given the early stage of recovery in the market,” Jefferies analyst David Katz told clients. “Management commentary continues to support our bullish stance on the accelerating earnings driven by the recovery and capital spending in both Macau and Singapore.”
He reiterated a Buy rating and raised revenue and EBITDA forecasts for both 2023 and 2024. As a result, Katz raised his price target to $69 from $66. Morgan Stanley moved their price target to $69 as well, from a prior $64 in their case, citing cost savings as a key factor improving profits alongside the key market recovery.
While Bank of America hiked their target to $66 from a prior $62, its team conversely maintained a Neutral rating.
“We have an Neutral rating on LVS due potential for EBITDA growth in a recovery scenario, though there continues to be uncertainty surrounding Macau,” they explained.
Shares of Las Vegas Sands ( LVS ) rose 5.22% shortly after Thursday's market open.
Read more on the details of the earnings results .
For further details see:
Analysts lift estimates on Las Vegas Sands after earnings beat