UPDATE: Topeka Capital Markets Reiterates Buy Rating, Lowers PT on Las Vegas Sands
In a report published Monday, Topeka Capital Markets reiterated its Buy rating on Las Vegas Sands Corporation (NYSE: LVS), but lowered its price target from $65.00 to $52.00.
Topeka Capital noted, “We are reducing our 2012 and 2013 EPS estimates for LVS and lowering our price target from $65 to $52. We maintain a Buy recommendation. Our lower estimates and price target reflect a 2Q12 shortfall in Singapore wagering volume, as well as a lower 2H12 forecast, predicated on more conservative VIP wagering volume growth assumptions for both Macau and Singapore. Notwithstanding the expectation of a slower near-term pace of 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.”
Las Vegas Sands Corporation closed on Friday at $36.76.
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