SAN FRANCISCO
Shares of Las Vegas Sands Corp. rose Thursday after an analyst said he continues to feel strongly about the casino developer's stock, citing its prospects for ongoing growth in Singapore and Macau following a recent meeting with management.
Las Vegas Sands
In a Thursday note to clients, Jefferies & Co. analyst David Katz said that in a meeting Las Vegas Sands management indicated comments made by Macau administrative officials related to increased restrictions and controls related to labor are "overblown" and "neutral" for the company, since its operating structure "is well within the parameters indicated."
"Our impression from management is that business levels remain robust," he said.
He said that the company seems to expect that it will be approved to start selling its Four Seasons apartments in Macau's Cotai area by the end of the year. Katz also added that the company's operation in Singapore should be running by early next year.
Katz holds a "Buy" rating and $49 price target for the stock.
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