UPDATE: Topeka Capital Markets Reduces PT to $65 on Las Vegas Sands Corporation on Slower Macau Growth
Topeka Capital Markets reiterates its Buy rating on Las Vegas Sands Corporation (NYSE: LVS) but reduces its price target from $68 to $65.
Topeka Capital Markets comments, "We are reducing our 2012 adj. EPS estimate for LVS from $2.92 to $2.86 and lowering our price target on the stock from $68 to $65. For 2Q12, which accounts for most of our fullyear estimate reduction, we have cut our EPS forecast from $0.69 to $0.65 to reflect slower estimated Macau market same-store revenue growth and a moderately more conservative EBITDA margin assumption for the Company's Macau operations. Notwithstanding the expectation of a lower near-term pace of revenue growth in Macau, we continue to believe that the Company's stake in the duopolistic Singapore gaming market, premium share of Macau EBITDA and first-mover advantage in Cotai warrant a higher valuation."
LVS closed at $42.97 on Monday.
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