Las Vegas Sands Faces Macau Market Challenges Despite Attractive Valuation, Says JPMorgan

Las Vegas Sands Corp. (NYSE:LVS) ranks among the best cyclical stocks to buy now. On June 23, JPMorgan set a price target of $47 and began coverage of Las Vegas Sands Corp. (NYSE:LVS) with a Neutral rating. With a valuation nine times the casino operator’s projected 2026 enterprise value to EBITDA ratio, the investment bank’s year-end 2026 price target represents a substantial discount to Las Vegas Sands’ historical average.

Las Vegas Sands Faces Macau Market Challenges Despite Attractive Valuation, Says JPMorgan

Although the massive 4x discount to the company’s historical average seems “enticing,” JPMorgan said it is still apprehensive due to Las Vegas Sands’ poor performance in the already troubled Macau market.

If Las Vegas Sands Corp. (NYSE:LVS) regains market share in Macau or if industry gross gaming revenue picks up speed again, JPMorgan said it might take a more optimistic view of the company.

Las Vegas Sands Corp. (NYSE:LVS) is a casino operator with a primary focus on the Macau market. The company primarily targets the Asian market with its five casinos in Macau and Marina Bay Sands in Singapore.

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