Las Vegas Sands Stock Slips on Downgrade

The stock had been climbing since its early-August lows

Laura McCandless

Deputy Editor

Aug 23, 2024 at 11:07 AM

Shares of Las Vegas Sands Corp (NYSE:LVS) are down 1.4% at $40.49 at last glance, after a downgrade from UBS to "neutral" from "buy." The firm also threw in a price-target cut to $49 from $70.

This negative price action has LVS on track to post its second loss in eight sessions, after the shares yesterday snapped a seven-day win streak. The casino stock has been climbing since its Aug. 5, 52-week low of $36.62, though still sporting a 17.7% year-to-date deficit. A short-term dip could've already been in the cards, per LVS' 14-day relative strength index (RSI) of 70.1, which sits on the cusp of "overbought" territory.

An unwinding of short interest helped the shares up from its recent low, as its down 26.2% in the last month. Now, 3% of the stock's available float is sold short. Las Vegas Sands stock could see more downgrades as well, as the majority of analysts lean bullish. Of the 15 in coverage, 12 carry a "buy" or better rating.

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