After a meeting yesterday with the management of Las Vegas Sands (NYSE:LVS), Credit Suisse (NYSE:CS) analyst Joel Simkins said he sees the company as the top gaming play in Asia.
Simkins said, "We remind investors that Singapore is still less than a year old and should continue to have relatively easy comparisons as the business matures. We see very little competitive impact from Galaxy Cotai, beyond the typical initial ramp, and expect that this project will continue to drive visitation to the market, a positive for the LVS portfolio."
He cited the current assets in the region and the long-term pipeline of Sands being attractive.
Concerning investor sentiment, Simkins concluded, "While the current Jacobs/FCPA related matters are likely to have some overhang on investor sentiment for the foreseeable future, we believe LVS continues to go about the course of its business."
Las Vegas Sands closed Tuesday at $44.84, gaining $1.06, or 2.42 percent. Credit Suisse maintains its "Outperform" rating on the gaming company and a price target of $56.
Wednesday, April 6, 2011
Las Vegas Sands (LVS) Top Asian Gaming Play
Labels:
Credit Suisse,
Las Vegas Sands
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