Asia Casino

Asia Casino

January 12, 2022

JPMorgan Analyst Upgrades Las Vegas Sands, Optimistic About Macau Gaming License Renewal

A day after casino stock Las Vegas Sands Corp. (NYSE:LVS) was hit with a Wall Street downgrade, the stock bounced back on Tuesday when it was upgraded by another analyst.

The Analyst: JPMorgan analyst Joseph Greff upgraded Las Vegas Sands from Neutral to Overweight and raised his price target from $36 to $48.

Related Link: Las Vegas Pandemic Recovery Continues To Outpace Macau’s, Casino Analyst Says

The Thesis: In the upgrade note, Greff said Sands has been a major pandemic reopening trade laggard and negativity surrounding the company’s Macau business is fully priced into the stock.

“We note that the current level of investor apathy toward the Macau sector is the worst of any subsector within our coverage universe in our 22 plus years of covering gaming and lodging,” Greff said.