Las Vegas Sands Corp. (LVS) Stock Soars on Bullish Note
Shares of casino operator Las Vegas Sands Corp. reached a new 52-week high Wednesday after a JPMorgan Securities analyst raised his price target, citing improved long-term value since the opening of the Venetian Macao Hotel Resort.
The $2.4 billion Venetian Macao opened late last month, and has been widely cheered by analysts on its initial performance.
Shares of Las Vegas Sands gained $7.64, or 7 percent, to $116.47 in morning trading. The stock hit a fresh high of $116.75 earlier in the session, eclipsing a previous peak of $110 set Aug. 9.
JPMorgan's Harry Curtis lifted his price target on Las Vegas Sands by $15 to $120 and maintained an "Overweight" rating.
He also raised his 2010 estimate for earnings before interest, taxes, depreciation and amortization by 15 percent to $800 million, due to better-than-expected consumer demand at the Venetian Macao.
The $2.4 billion Venetian Macao opened late last month, and has been widely cheered by analysts on its initial performance.
Shares of Las Vegas Sands gained $7.64, or 7 percent, to $116.47 in morning trading. The stock hit a fresh high of $116.75 earlier in the session, eclipsing a previous peak of $110 set Aug. 9.
JPMorgan's Harry Curtis lifted his price target on Las Vegas Sands by $15 to $120 and maintained an "Overweight" rating.
He also raised his 2010 estimate for earnings before interest, taxes, depreciation and amortization by 15 percent to $800 million, due to better-than-expected consumer demand at the Venetian Macao.
Labels: Las Vegas Sands Corp., LVS
posted by Stock Administrator @ 12:19 PM
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