Las Vegas Sands Stock Could See Better Luck Ahead

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These reports, excerpted and edited by Barron’s, were recently released by investment and research firms. The report is a sample of analysts’ thinking; They should not be considered the views or recommendations of the Baron. Some report issuers provide or anticipate providing investment-banking or other services to the companies being analyzed.

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Las Vegas Sands LVS-NYSE

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overweight Price $36.43 Jan 10

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by JP Morgan

We are upgrading Las Vegas Sands from neutral and our 2022 goal is $48. increasing to [from $36], and adding it to our analyst focus list as a value pick. We think the risk-reward is favorable after the massive underperformance in 2021 (down 35%, versus US gaming stock up 59%, and the S&P 500 up 25%) for LVS (and the rest of Macau-focused US-listed stocks). With. Risk in value after a year of other reopening sectors (US Gaming, Lodging, Cruise Lines) and incremental regulatory concerns (adverse license renewal terms, possible death of junket VIP business). The sales side has cut estimates (us, too) as China has failed to tighten/reduce travel dynamics following Covid-19 spikes in the region amid a near-zero case tolerance policy. We note that the current level of investor apathy towards Macau is the worst in our 22-plus years of covering gaming and lodging for any sub-sector within our coverage universe.

Domino’s Pizza DPZ-NYSE

to overcome Price on Jan 11th $487.51

by Beardo

At today’s ICR investment conference call, management provided guidance that prompted us to reduce our 2022 EPS estimates by just under 1%. That said, commentary was positive about the business’s structural growth drivers, and we remain optimistic that Domino’s is well positioned to navigate through current industry-wide challenges and deliver solid growth in 2022 and beyond . DPZ announced plans to migrate its national $7.99 Large Three-Topping Carryout Pizza offer to a digital-only offer (previously, it was available in all ordering modes). The company is reducing the number of chicken-wing items to 8 pieces from the earlier 10. We wouldn’t be surprised to hear that DPZ outlines similar changes to its national $5.99 mix and match deal in the coming quarters. These actions should increase average checks and lower costs for franchisees, as well as bring additional customers into Domino’s digital ecosystem, thereby increasing technology fees for DPZ. Price target: $574.

Tower Semiconductor TSEM-NASDAQ

Purchase Price $40.64 Jan 11

by Needham

We participated in discussions this week with Marco Racanelli, Senior Vice President and General Manager, and Noit Levy, SVP of Investor Relations, at our 24th Annual Needham Virtual Growth Conference. Tower continues to expand capacity on more profitable processors, which has helped boost its gross margin by 300 basis points [3%] throughout the last year. The company recently announced a partnership with Juniper Networks
[ticker: JNPR] An advanced SiPho . to start production [silicon photonics] Product (in calendar year 2023), which is the highest gross-margin segment for the tower. Company 300mm . is also partnering with STMicro to co-invest in [chip-fabrication plant] In Italy, that will start production at a lower rate in CY23 and increase more significantly in CY24. Price Target: $45.

beam therapeutic

overweight Price $70.24 Jan 12

by Wells Fargo

Following the announcement of partnership with Pfizer, we reiterate our $145 price target on Beam Therapeutics
[PFE] The focus was on Vivo base-editing programs, as well as Beam’s announcement underscoring the 2022 initiative. The endorsement of a major global pharmaceutical company represents a major recognition for Beam’s base-editing technology. We also expect funding provided by Pfizer to accelerate Beam’s internal programs. We believe Beam has the most advanced gene-editing technology and we look forward to continued interest from others. And Beam’s disciplined approach to partnership preserves the value of its core assets.

Kratos Defense & Security Solutions KTOS-NASDAQ

Purchase Price $16.93 Jan 12

by B Riley Securities

Kratos has a trading opportunity accusing it of slower-than-anticipated growth—driver growth following a premarket downgrade after selling 7.7% on January 11th. CEO Eric DeMarco, in a virtual conference presentation, admitted plainly—that the US continues to operate under the continued resolution of the federal fiscal year budget, which is extended until February 18. This prevents the Defense Department from introducing new programs, including those featuring KTOS’s disruptive and economical tactical combat drones. Highest performing and livable in the world [hostile] The atmosphere, such as the South China Sea, are the only systems that are flying today. KTOS believes the Air Force and other customers are not resetting anything, as evidenced by recent comments by Air Force Secretary Frank Kendall that the upcoming Fiscal 2023 budget request calls for new classified drone programs. Hopefully (even as we wait for a federal FY22 budget). The biggest takeaway for us stems from a slide KTOS unveiled, revealing a new Demogorgon drone at a production price of $8 million. Overall, we see KTOS’ [aerial] Targets the business alone, moving toward an annual production rate of approximately $250 million. Price target: $29.50.

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