UPDATE: Sterne Agee Raises Las Vegas Sands' PT

According to a research report published this morning, Sterne Agee has increased Las Vegas Sands' LVS PT from $65 to $68. Sterne Agee commented in the report, "Our 1Q12 Adj EBITDAR goes to $910.8m from $867.6M. Our upward changes mostly reflect channel checked market share and other data pertaining to its Macau properties, partially offset by our revised more elongated ramp outlook for its Las Vegas division (we adjust for certain convention calendar shifts versus last year). Our 1Q12 EPS goes to $0.59 from $0.51. Our CY12 EPS goes to $2.50 from $2.38. Our PT target goes to $68 from $65 based on multiples of LVS' operating divisions, less a multiple of corporate, less net debt, divided by shares out." Sterne Agee maintains its Buy rating on Las Vegas Sands, which closed Friday at $57.91.