UPDATE: Cantor Fitzgerald Initiates Buy, $57 PT on Las Vegas Sands; Long-Term Core Holding
Cantor Fitzgerald initiated its coverage on Las Vegas Sands (NYSE: LVS) with a Buy rating and a price target of $57.
Cantor Fitzgerald commented, "LVS remains the dominant global gaming operator with significant assets in Macau, Singapore, and Las Vegas as well as a competitive edge in pursuing new opportunities as countries around the world liberalize their gaming laws. … We value LVS using a sum-of-the-parts methodology, valuing its Las Vegas operations at 9x 2013 EBITDA, Macau and Singapore operations at 12x, and Bethlehem, PA at 8x and making adjustments for the Macau minority interest."
Las Vegas Sands closed at $42.39 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.