Las Vegas Sands Analysts Cut Their Forecasts After Q1 Results

Author: Priya Nigam | April 18, 2024 09:38am

Las Vegas Sands Corp. (NYSE:LVS) reported better-than-expected first-quarter financial results on Wednesday.

The company reported quarterly adjusted earnings of 75 cents per share which beat the analyst consensus estimate of 62 cents and represented a 167.86% increase from the same period last year. Quarterly sales clocked in at $2.96 billion which beat the analyst consensus estimate of $2.94 billion and is a 39.58% increase over sales of $2.12 billion from the same quarter last year, according to data from Benzinga Pro.

“We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore. We remain deeply enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore,” said Robert G. Goldstein, CEO of Las Vegas Sands.

Las Vegas Sands shares fell 7.2% to trade at $46.58 on Thursday.

These analysts made changes to their price targets on Las Vegas Sandsfollowing earnings announcement.

• JP Morgan cut the price target on Las Vegas Sands from $59 to $55. JP Morgan analyst Joseph Greff maintained an Overweight rating.
• Wells Fargo slashed the price target on Las Vegas Sands from $62 to $60. Wells Fargo analyst Daniel Politzer maintained an Overweight rating.
• Mizuho cut the price target on Las Vegas Sands from $70 to $65. Mizuho analyst Ben Chaiken maintained a Buy rating.

 

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Posted In: LVS