拉斯维加斯金沙财报后反弹，分析师下调目标价但维持偏多评价

Las Vegas Sands (LVS) went back into positive territory on Thursday after an initial post-earnings decline as analysts and investors looked past near-term headwinds.CBRE Equity Research analyst John Decree noted that an unusually low VIP hold in Macau negatively impacted EBITDA by $87M, which was only partially offset by favorable hold at Marina Bay Sands, adding $37M of EBITDA. He also noted that the World Cup held back traffic at some locations.The firm lowered FY27 EBITDA estimates on Buy-rated Las Vegas Sands (LVS) and cut its price target to $62 but still sees Las Vegas Sands (LVS) as uniquely attractive, trading at 7.5X the new FY27 EBITDA estimate. "Marina Bay Sands is arguably the most valuable casino asset in the world, with real long-term growth ahead with IR 2. Although LVS's recovery in Macau remains a show-me story, we are encouraged by the volume growth in Q2," highlighted DeCree.Macquarie also kept a bullish view on Las Vegas Sands (LVS) after the earnings release but clipped its price target. "We would view the underlying trends more constructively than the reported numbers suggest given market share gains across customer segments and strategic initiatives that we believe will bear fruit over time," updated analyst Chad Beynon.
"While near-term visibility remains imperfect, we continue to like LVS for its limited exposure to risks impacting other consumer sectors (prediction markets, gas price inputs, etc.), leverage to global wealth and experiential trends, and valuation that we believe does not fully reflect the durability of its Macau/Singapore franchises," added Beynon. Macquarie has an Outperform rating on LVS and a new price target of $62.00.Shares of Las Vegas Sands (LVS) were up 1.2% at 2:02 p.m.