Stifel has revised down its price target for Las Vegas Sands to $72.00 from $75.00 but kept a Buy rating on the shares, pointing to ongoing concerns centered on the company’s Macau operations. The stock was trading at $52.59 at the time of the note.
The brokerage drew attention to disappointing regional metrics in Macau, citing a year-over-year deterioration in hold-adjusted EBITDA margins of roughly 300 basis points. Stifel noted there are no clear indications of a rebound coming from the base mass business in that market.
As a result, Stifel suggested investors may need to revisit the multiples they attribute to Macau cash flows. The firm expects consensus margin assumptions to be reset toward the low-30s percentage range, reflecting the weaker margin profile observed in recent results.
Despite the Macau concerns, Las Vegas Sands continues to show strong underlying profitability across its operations. The company reports gross profit margins of 40.01% and produced $4.6 billion in EBITDA over the last twelve months.
Stifel remains constructive on the longer-term potential for the Macau business, saying it could ultimately reach a $700 million quarterly EBITDA run rate, but the research note made clear that the firm does not anticipate that level being achieved in the near term.
The report also highlighted the contrast between regional results: Marina Bay Sands in Singapore is delivering record outcomes, while Macau’s performance remains more opaque and is the primary focus of investor concern.
Analysts’ price targets for the company span a range that sits above the prevailing market price. With the shares changing hands near $52.59, published targets fall between $60 and $78, implying potential upside relative to the current level under those respective forecasts.
Market metrics included in the note show a price-to-earnings ratio of 23.96 and revenue growth of 15.22% for the company. The research commentary reiterated that these and other factors could influence Las Vegas Sands’ near-term outlook.
In separate analyst activity, Goldman Sachs trimmed its price objective to $73.00 from $80.00 while maintaining a Buy rating. That adjustment followed mixed regional results in the company’s recent earnings release, which showed strength in Singapore offset by weaker outcomes in Macau.
Las Vegas Sands posted fourth-quarter 2025 results that beat expectations on both the top and bottom lines. The company reported earnings per share of $0.85, compared with a forecast of $0.77, and revenue of $3.65 billion versus an expected $3.33 billion.
These quarterly results underline the company’s broader financial resilience even as regional variability - notably in Macau - is prompting analysts to revisit margin assumptions and near-term earnings trajectories. Investors and industry watchers are weighing strong performances in Singapore and solid consolidated EBITDA against the less transparent trendline in Macau.