UPDATE: JP Morgan Lowers Target to $61 on Las Vegas Sands

JP Morgan maintains its Overweight rating on Las Vegas Sands LVS and cuts its target price to $61 from $64 a share on 4Q11 takeaways. JP Morgan says, "4Q11 results reported last night reflected (1) solid, overall momentum in Macau and (2) loss of VIP and Mass table momentum as well as adverse FX (a 5% impact sequentially) in Singapore. Our 2012 Macau estimates go up modestly, leaving room for future potential, positive estimate revisions (Four Season Plaza Casino junket traction), though we are taking our Singapore estimates down to what we'd characterize as achievable levels (EBITDA of $1.69B, down from $1.76b, based on $52B of VIP roll and $5B of mass volume)." LVS closed at $49.28 a share yesterday.