Las Vegas Sands (LVS) and Boyd Gaming (BYD) are seeing improved required rates of return as well as better market size estimates per customer, Morgan Stanley analysts said in a note to clients Tuesday.
The analysts attributed Las Vegas Sands' higher Q3 results to "unrelenting strength" in Singapore and Macau. Meanwhile, they noted that Boyd Gaming reported mixed Q3 results as regional performance was slightly offset in part by weaker destination business.
Morgan Stanley raised its price target on shares of Las Vegas Sands to $63 a share from $59, and increased Boyd Gaming's price target to $85 a share from $84, while maintaining an equalweight rating on both companies.
Shares of Las Vegas Sands and Boyd Gaming were each down nearly 2% in recent trading.
Price: 58.28, Change: -1.16, Percent Change: -1.95
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