Analyst Questions Sands Stock Pressure
Associated Press 06.29.07, 10:39 AM ET
An analyst said Friday the recent pressure on Las Vegas Sands Corp.'s stock is unwarranted, as the stock gained about 3 percent in morning trading.
For the month of June, the casino operator's stock is down 7 percent in June. Such a big drop implies that the company's future Macau development project earnings will be 25 percent below expectations, Steven Kent of Goldman Sachs (nyse: GS - news - people ) wrote in a client note.
And that possibility, he added, is slim: "This seems very unlikely over the long term considering that market visitation/revenue trends remain robust and the Venetian Macau opening seems on track."
Kent sees good opportunity for long-term investors on the potential of future earnings growth and sale of non-core assets.
Shares of Las Vegas Sands (nyse: LVS - news - people ) gained $2.30, or 3.1 percent, to $76.84. |
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