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Sands Shares Up on Analyst's About Face

LAS VEGAS-Changing his tune from November, a JP Morgan analyst upgrades Las Vegas Sands Corp., helping push its shares up more than 10% over the past two days.

By Brian K. Miller | Updated on August 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-Shares of casino operator Las Vegas Sands Corp. are up more than 10% over the past two days, much of it attributable to a JP Morgan analyst that changed his opinion regarding upcoming competition for the company in the Macau market. The rise began on Wednesday, the day analyst Harry C. Curtis upgraded Las Vegas Sands to “Overweight” from “Neutral,” saying Wynn Resorts’ new Macau casino will boost the number of gamblers that will overflow into Sands Macau.

The remarks are an about face from November, when JP Morgan downgraded the stock to “Neutral” in part due to competitive concerns. “What has changed since then is the continued growth in mass market demand and [Las Vegas Sands'] ability to maintain stable win per units despite added capacity in Macau,” says Curtis. “We believe that Wynn’s opening will create more demand than supply given the world class quality of the resort and its history in Las Vegas of driving greater visitation than the supply created.”

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