Las Vegas Sands Stock Will Top $50, Poll Says
(Las Vegas Sands poll updated with Macau gaming revenue.)
NEW YORK (
) --
Las Vegas Sands
(LVS) - Get Report
will trade over $50 by the end of the year, according to
TheStreet
readers.
An overwhelming 78.6% of voters said Las Vegas Sands stock will run past $50, following blow-out third-quarter earnings report from the company.
During the quarter, Las Vegas Sands returned to profitability, earning $168 million, or 21 cents per share, compared with a loss of $123 million, or 19 cents, in the year-ago period. Excluding items, Las Vegas Sands earned 34 cents per share, significantly more than the 23 cents analysts predicted.
Las Vegas Sands revenue surged nearly 70% to $1.91 billion, also ahead of forecasts of $1.79 billion.
Chief Executive Sheldon Adelson also suggested Las Vegas Sands is on track to surpass its prior estimates for 2011 earnings.
Investors are betting strength from Macau and Singapore will continue to propel the stock forward. In October, Macau reported a 50% surge in gaming revenue, to hit a record monthly high of $2.4 billion. The Chinese gambling enclave is now on track to surpass full-year forecasts.
Las Vegas Sands ended the week up 18.3% to $45.88, after hitting a two-year high of $46.16 earlier in the week.
There are still some investors, albeit a much smaller group, who are making the bear case, with 16.2% of voters saying the stock will hover between $40 and $50. Another 3.7% expect the stock will drop to a range of $30 to $40, while just 1.7% of voters foresee shares dropping below $30 by the end of the year.
-- Written by Jeanine Poggi in New York.
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