UPDATE: Citi Lowers Las Vegas Sands' PT

According to a research report published this morning, Citi has lowered Las Vegas Sands' LVS PT from $67 to $66.80. In the report, Citi said, "LVS reported 1Q adjusted EPS of US$0.70, up 89% YoY, beating both our estimate (US$0.58) and Consensus (US$0.60) on strong hold. Reported Net Rev and Property EBITDA of US$2.76bn and US$1.07bn, grew 31% and 43% YoY, respectively, reflecting a consolidated EBITDA margin of 38.6%. LVS is the only casino company to report a quarterly EBITDA above US$1bn. A quarterly dividend of US$0.25/share was declared. We modestly trim our 2012-14E estimates to reflect the actual normalized 1Q12 results and accordingly trim our target price from US$67.00 to US$66.80. With the completion of Cotai Central in early 2013, we expect free cash to rise, potentially leading to an increased dividend." Citi maintains its Buy rating on Las Vegas Sands, which is currently trading at $56.45.