UPDATE: Citi Lowering Price Target On Las Vegas Sands (LVS)

Citi Investment Research is slightly lowering its price target on shares of Las Vegas Sands LVS to $54 from $54.50, but it is keeping its Buy rating on shares after the casino operator reported earnings last night. In a note to investors, Citi writes, "Adjusted EPS of $0.37 missed our and consensus estimates of $0.41 and $0.44, respectively. Net Income and EPS were marginally impaired by higher D&A, Corp and Rental expense. Above the line, the shortfall in LV and weaker hold at MBS was offset by stronger-than-expected hold in Macau. Assuming more normalized hold, LVS' 1Q EPS was inline with our $0.41 figure with property EBITDA 5% above our estimate. Driven by strong growth in Macau, total net revenue of $2.1bn improved 58% YoY and adjusted property EBITDA doubled to $746m (recall MBS opened in 2Q10)." Shares of LVS are down $3.60 to $42.27 in pre-market trading, a loss of 7.85%.