Nomura Securities raised its price target on Buy-rated Las Vegas Sands (NYSE: LVS) from $61 to $64 following Q1 results.
Analyst Harry Curtis comments, "Asia strength drives upside. In Macau, Q1 hold-adj. EBITDA was $630M, in line with our preview. Overall, we saw strength in the VIP and mass table segments. In Singapore, Q1 EBITDA beat owing to $6B of higher VIP roll. We are lifting our 2013 EBITDA estimate to $1.59B, from $1.5B to reflect the Q1 beat and the modestly higher foreign mass growth. LVS is in a unique position of being a growth company that also generates substantial cash. While no decision has been made, the Board could choose between share repurchases and special dividends. We are lifting our TP to $64, from $61, based on ~17x our H2’13 and H1’14 FCF est. of ~$3.70/sh. Our TP also includes ~$2/sh of present value for The Parisian."
FY13E EPS from $2.51 to $2.77; FY14E EPS from $2.85 to $3.08.