Las Vegas Sands (NYSE: LVS) shares continue to surge, extending Thursday’s rally on the back of robust results from Macau and Singapore. Even after climbing nearly 50% in the past 90 days, at least one analyst still sees the casino giant as deeply undervalued.
Following the close of U.S. markets on Wednesday, Sands reported second-quarter earnings of $0.79 per share on $3.18 billion in revenue — beating estimates of $0.53 and $2.8 billion, respectively. Marina Bay Sands once again delivered strong performance, while Macau operations also posted encouraging results.
“Looking at Macau, margins came in slightly better than we were forecasting, which makes us believe LVS isn’t just ‘buying’ business for the sake of it,” said Stifel analyst Steven Wieczynski. “Even if the company ramps up promotions and marketing, its EBITDA base should continue to grow in line with spending — that’s the key focus now, not absolute margins.”
Calling LVS “grossly undervalued,” Wieczynski raised his price target to $60 from $57, suggesting more than 17% upside from current levels.
Long-Term Upside in Focus
Despite recent gains, Sands stock remains slightly down for the year — largely due to investor concerns over Macau’s recovery pace. However, second-quarter results may help ease those fears.
Wieczynski highlighted that Sands is trading below its historical valuation range, at 8.5x expected 2027 EBITDA versus its typical 12–14x range. He emphasized that the market isn’t fully recognizing the value of Sands’ Macau assets, while Marina Bay Sands alone could account for about $35 of the company’s current $51 share price.
“When we look at where LVS shares are trading, we still see incredible upside long-term,” Wieczynski added. “Our Macau estimates are likely conservative, meaning the true potential is even higher.”
Strong Balance Sheet and Shareholder Returns
Sands ended Q2 with $3.45 billion in cash and $15.68 billion in debt. The company repurchased $800 million of its stock during the quarter, leaving $1.2 billion remaining on a $2 billion buyback authorization.
With a healthy cash position, solid earnings momentum, and a strengthening Macau market, analysts see multiple tailwinds for further growth.
“Bottom line — for investors seeking names that could see positive estimate revisions in the second half of 2025, LVS is a buy,” Wieczynski concluded. “Investors are still underestimating the strength of Macau’s base mass recovery.”
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