Las Vegas Sands (LVS) Soars To New High
Shares of Las Vegas Sands (LVS: 47.15 -2.72%) reached a new 52 week high during yesterday’s trading session, despite a downgrade by Soleil Securities.
The investment firm downgraded its rating on LVS from Buy to Hold, although raising its price target on the stock from $31 to $34.
Analysts at Soleil said that based on recent negative news affecting the Macau subsidiary combined with the high expectations in Singapore, Sands would unlikely be able to take on multiple expansion projects putting them outside the firms comfort zone.
Soleil was referring to reports that labor shortages were delaying the Cotai Strip hotel projects known as parcels 5 and 6 and that rival SJM Holdings has expressed interest to the Macau government in parcels 7 and 8 that remain undeveloped by Sands China.
The news and downgrade appears to have had little effect on shares of LVS who closed yesterday’s trading session at $31.58 after reaching a new 52 week high of $31.99 during the afternoon hours.
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