January 12, 2022
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.