Morgan Stanley Lowers Price Target On Las Vegas Sands Following 4Q14 Earnings

In a report published Monday, Morgan Stanley analyst Thomas Allen reiterated an Equal-Weight rating on

, but lowered the price target from $60.00 to $58.00. In the report, Morgan Stanley noted, “We are reducing our '15e property EBITDA by 3% to $4.87B (4% below cons) as 4Q results highlighted ongoing challenges in Macau (incl. higher promo costs). As a result, our PT drops from $60 to $58. We remain Equal-weight given LVS' attractive long-term ‘mass market' story, offset by near-term risks.” Las Vegas Sands closed on Friday at $54.37.