08:10 AM EDT, 04/18/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month price target by $1 to $61, based on 14.0x our 2024 adjusted EBITDA estimate and in line with the company's 10-year average forward EV/EBITDA multiple. We maintain our 2024 and 2025 EPS estimates of $2.50 and $3.00, respectively. LVS posts normalized Q1 EPS of $0.78 vs. $0.28, $0.16 above consensus estimates on revenues of $2.96B vs. $2.12B and $19M above estimates. We raise our 2024 adjusted EBITDA estimate to $3.9B due to continued strength from its Marina Bay Sands property and improved visitation and mass gaming revenue in the Macao region. Marina Bay Sands generated property EBITDA of $597M, up from $394M a year ago. LVS stated that using the expected hold rate, adjusted property EBITDA would have been $520M. Macao's adjusted EBITDA was $610M and up from $398M a year ago. Using its expected hold rate, Macao's EBITDA would have been $623M. We expect LVS to use its strong cash flow to pay down debt coming due this year and return capital to shareholders. We remain bullish on shares.