JPMorgan Analyst Upgrades Las Vegas Sands, Optimistic About Macau Gaming License Renewal
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Las Vegas Sands Corp. (NYSE:LVS) was hit with a Wall Street downgrade on Monday. On Tuesday, the stock was upgraded by another analyst.
JPMorgan analyst Joseph Greff upgraded Las Vegas Sands from Neutral to Overweight and raised his price target from $36 to $48.
Greff upgraded Las Vegas Sands from a market perform to a neutral to underperform. Bank of America analyst Shaun Kelley downgraded Sands and cut his price target from $46 to $40. Greff is optimistic about the license renewal process in Macau. JPMorgan's base case expectation is that all six Macao casino licenses will be renewed for between five and 10 years.
Greff and Kelley are two analysts with different views on Las Vegas Sands. Greff thinks Macau business is uncertain, while Kelley is optimistic about the potential rebound in Macao.
