J.P. Morgan Raises PT From $58.00 To $59.00 And Raises Estimates

J.P. Morgan released a research report on Las Vegas Sands Corp.

announcing they are raising estimates and increasing the price target. In the report J.P. Morgan writes, “Based on our checks indicating stronger than expected 3QTD Macau mass market results and stronger than previously modeled Singapore VIP volumes, we are upping our 3Q11 property level EBITDA to $889m from $854m and our net EBITDA (after corporate expense) goes to $847m from $812m and above Street's $822m. We don't think our new 3Q11 forecast is aggressive, nor a best case scenario. We are also upping our 4Q11 property level by $27m and full year 2012 by $98m on the same drivers. While shares of LVS have performed well quarter to date (+13.7% versus peers WYNN's 6.3% and MGM's -17.9% and SPX's -9.2%), we believe there is more upside to come given near-term fundamentals strength in Singapore and Macau and a pipeline of catalysts (see below).” J.P. Morgan has an Overweight rating and increased their price target from $58.00 to $59.00 on Las Vegas Sands Corp, which closed yesterday at $47.14.