UPDATE: FBR Capital Markets Initiates Coverage on Las Vegas Sands as Favorite Name in Gaming

In a report published Wednesday, FBR Capital Markets analyst Jake Fuller initiated coverage on

with an Outperform rating and $80.00 price target. In the report, FBR Capital Markets noted, “We are initiating coverage of Las Vegas Sands Corp. (LVS) with an Outperform rating and an $80 price target. Key themes include the following: (1) Las Vegas Sands is well situated in gaming's only real growth market; (2) significant free cash flow should fuel dividend growth and share repurchases and should leave ample room to pursue development opportunities; and (3) while the EBITDA multiple is above gaming's historical norm, Las Vegas Sands is anything but the norm with significant embedded real estate value, a capital return strategy, and real earnings.” Las Vegas Sands Corp. closed on Tuesday at $70.84.