Morgan Stanley Cuts Las Vegas Sands Target 1.5% to $66 on Macau Weakness
Morgan Stanley cut its Las Vegas Sands target 1.5% to $66 after Q4 results showed strong Singapore gains offset by Macau weakness. Adjusted net income rose 49.6% to $579 million with Singapore EBITDA up 50.1% to $806 million, compared to Macau’s 6.5% growth to $608 million.
1. Analyst Target Price Revision
On February 11, Morgan Stanley trimmed Las Vegas Sands’ target price by 1.5%, lowering it from $67 to $66 while maintaining an Equal Weight rating. The adjustment reflects the offsetting impact of stronger-than-expected Singapore operations against weaker results in Macau.
2. Q4 2025 Earnings Overview
Las Vegas Sands reported adjusted Q4 2025 attributable net income of $579 million, a 49.6% year-over-year increase, and diluted EPS of $0.85, up 57.4%. During the quarter, the company repurchased $500 million of common shares, representing approximately 1.2% of its outstanding shares.
3. Regional Performance Breakdown
Marina Bay Sands in Singapore delivered adjusted property EBITDA of $806 million, a 50.1% increase driven by higher gambling volume, a 310 basis-point margin expansion to 50.3%, and positive hold variance. Macau operations generated $608 million of adjusted property EBITDA, up 6.5%, but faced a 270 basis-point margin contraction despite favorable hold variance.