Brean Murray Initiating Coverage On Las Vegas Sands

Brean Murraey Carret & Co is initiating coverage on Las Vegas Sands LVS with a Buy rating and a $53 price target on shares. In a note to clients, Brean Murraey Carret & Co writes, "We are initiating coverage of Las Vegas Sands Corp. with a Buy rating and a $53 target price, based on a 2012 EV/EBITDA multiple of 13.0x. Given returns generated to date in Asia, the expansion underway on Cotai, and upside potential in Singapore, we believe Las Vegas Sands will generate strong returns for long-term investors. Although the opening of Galaxy in Cotai could negatively impact market share in the near term, we believe that over the longer term, LVS is among the best positioned to capture the continued growth in Cotai." Shares of LVS lost 28 cents yesterday to close at $43.82.