- Bank of America analyst Shaun Kelley downgraded Las Vegas Sands Corp LVS to Underperform from Neutral with a price target of $40, down from $46, implying a 5.5% upside.
- Kelly cited continued risk from COVID-related disruption with "no easy exit" from the implications for Macau of China's zero-tolerance COVID policy in the near term.
- In the longer term, Kelley pointed to the ongoing concession process for Macau gaming licenses and geopolitical uncertainty, which could result in higher license fees or investment, lower returns on capital, and less dividend or valuation support relative pre-COVID.
- Price Action: LVS shares are trading lower by 1.64% at $37.28 in premarket on the last check Monday.
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