TLDR
- Morgan Stanley trimmed its LVS price target 1.5% to $66, maintaining an Equal Weight rating after Q4 2025 earnings
- Singapore’s Marina Bay Sands delivered strong results; Macau operations underperformed with margin contraction
- Q4 EPS of $0.85 beat estimates by $0.08; revenue of $3.65B topped the $3.33B consensus
- Insiders sold roughly $207M worth of stock over the past 90 days
- LVS raised its quarterly dividend to $0.30 (from $0.25), yielding ~2.1% annualized
Las Vegas Sands Corp. (LVS) received a modest price target cut from Morgan Stanley on February 11, with the firm lowering its target from $67 to $66 — a 1.5% trim. Morgan Stanley kept its Equal Weight rating in place.
The move came after LVS reported Q4 2025 earnings on January 28. On the surface, the numbers looked strong. EPS came in at $0.85, beating the $0.77 consensus estimate by $0.08. Revenue hit $3.65 billion, well ahead of the $3.33 billion analysts had expected. That’s a 26% revenue increase year-over-year.
Adjusted attributable net income jumped 49.6% year-over-year to $579 million. On a diluted per-share basis, earnings grew 57.4%, helped in part by a $500 million stock buyback in Q4 that reduced the share count.
Singapore Carried the Quarter
Marina Bay Sands in Singapore was the standout. Adjusted property EBITDA grew 50.1% year-over-year to $806 million. EBITDA margins expanded 310 basis points to 50.3%, boosted by stronger gambling volume and favorable hold variance.
Actual hold came in at 4.36% versus an expected 3.90% — a meaningful tailwind that helped inflate the Singapore numbers.
Macau Disappointed
Macau told a different story. Adjusted property EBITDA there grew just 6.5% year-over-year to $608 million. EBITDA margins contracted 270 basis points to 29.5%, weighed down by weaker gambling volumes.
Macau did benefit from positive hold variance too — actual hold of 3.92% versus an expected 3.30% — but it wasn’t enough to offset the softer volume picture.
That Macau weakness is what drove Morgan Stanley‘s target cut, even as Singapore outperformed.
Not everyone is as cautious. HSBC raised its target from $67.50 to $73.00 and kept a Buy rating on January 29. Jefferies cut its target from $78 to $72 but also maintained Buy. Citigroup raised its target to $76.75 with a Buy rating in December.
The consensus sits at “Moderate Buy” with an average price target of $68.55, per MarketBeat data. Twelve analysts have a Buy rating; six have a Hold.
LVS also raised its quarterly dividend to $0.30 per share, up from $0.25. That works out to $1.20 annualized, yielding approximately 2.1% based on recent prices. The dividend was paid on February 18.
On the insider front, the selling has been heavy. Over the past 90 days, insiders offloaded roughly 3.08 million shares worth about $207 million. Major shareholder Miriam Adelson sold 77,991 shares in December at an average price of $67.56. Director Irwin Chafetz sold 30,000 shares at $69.76, cutting his position by nearly 30%.
Envestnet Asset Management also reduced its LVS stake by 30.1% in Q3, selling 38,004 shares, leaving a position valued at around $4.74 million.
LVS stock opened at $57.97 on Monday, February 23. The stock carries a 52-week range of $30.18 to $70.45, with a 50-day moving average of $60.93 and a 200-day moving average of $58.84. The consensus full-year EPS estimate stands at $2.60.
