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Las Vegas Sands Peaks After Bullish Note
Message was posted: 02:07 Sep 12th, 2007

User: Joseph Rank: Casino Gold: 31383CG Contributor rating: 39760 Status: Offline

NEW YORK — 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. In a note to clients, Curtis said data shows no post-opening visitation dropoff at the resort, and traffic is likely to improve within two months when ferries start running from Taipa, the smallest of the Macau islands. Las Vegas Sands may also benefit from projects in Japan and at Hengqin Island. Las Vegas Sands has a $13 billion resort planned for Hengqin, which is near Macau. Curtis said so far he views Hengqin adding $1 to his price target, but the project could be worth an additional $20 per share of present value. Other projects could be worth an additional $5 to $10 per share, he added Chron