TLDR Morgan Stanley trimmed its LVS price target 1.5% to $66, maintaining an Equal Weight rating after Q4 2025 earnings Singapore’s Marina Bay Sands delivered strong results; Macau operations underperformed with margin contraction Q4 EPS of $0.85 beat estimates by $0.08; revenue of $3.65B topped the $3.33B consensus Insiders sold roughly $207M worth of stock over the past 90 days LVS raised its quarterly dividend to $0.30 (from $0.25), yielding ~2.1% annualized
Las Vegas Sands Corp. (LVS) received a modest price target cut from Morgan Stanley on February 11, with the firm lowering its target from $67 to $66 — a 1.5% trim. Morgan Stanley kept its Equal Weight rating in place.
Las Vegas Sands Corp., LVS
The move came after LVS reported Q4 2025 earnings on January 28. On the surface, the numbers looked strong. EPS came in at $0.85, beating the $0.77 consensus estimate by $0.08. Revenue hit $3.65 billion, well ahead of the $3.33 billion analysts had expected. That’s a 26% revenue increase year-over-year.
Adjusted attributable net income jumped 49.6% year-over-year to $579 million. On a diluted per-share basis, earnings grew 57.4%, helped in part by a $500 million stock buyback in Q4 that reduced the share count.
Singapore Carried the Quarter
Marina Bay Sands in Singapore was the standout. Adjusted property EBITDA grew 50.1% year-over-year to $806 million. EBITDA margins expanded 310 basis points to 50.3%, boosted by stronger gambling volume and favorable hold variance.
Actual hold came in at 4.36% versus an expected 3.90% — a meaningful tailwind that helped inflate the Singapore numbers.
Macau Disappointed
Macau told a different story. Adjusted property EBITDA there grew just 6.5% year-over-year to $608 million. EBITDA margins contracted 270 basis points to 29.5%, weighed down by weaker gambling volumes.
Macau did benefit