UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Las Vegas Sands Corp. on Strong FCF/Capital Return Story

In a report published Wednesday, Morgan Stanley analyst Thomas Allen reiterated an Overweight rating on Las Vegas Sands Corp. LVS, and raised the price target from $65.00 to $76.00. In the report, Morgan Stanley noted, “We believe LVS' strong FCF / capital return story will drive the stock from current levels as we expect mgmt to increase future recurring dividends, pay sizeable 1-time dividends and/or start buying back stock. Expect LVS to outperform in Macau, driven by exposure to mass vs. VIP, strong execution, and the successful ramp of Cotai Central in ‘13. Track record of expanding mkts will position LVS well for potential new gaming markets (Japan, Korea, etc).” Las Vegas Sands Corp. closed on Tuesday at $69.11.