Las Vegas Sands drops after UBS downgrades to "neutral"

Sands China

23/08/2024 15:20

** Shares of Las Vegas Sands  LVS.N  down 1.4% at $40.51 on
Fri after UBS downgrades casino operator to "neutral" from "buy"
    ** Brokerage slashes PT from $70 to $49
    ** 16 of 20 brokerages rate LVS "strong buy" or "buy", rest
recommend "hold" and median PT is $54, per LSEG
    ** With move on the session, LVS down ~18% YTD vs S&P 500
Casinos & Gaming index's  .SPLRCCCGL  ~16% decline
    ** In comparison, S&P 500 Consumer Discretionary index
 .SPLRCD  up ~6% in 2024
    ** Shares of rivals mixed on Fri: Wynn Resorts  WYNN.O  off
0.2%, while MGM Resorts International  MGM.N  up 0.5% and
Caesars Entertainment  CZR.O  ~4%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))