Jefferies analyst David Katz downgraded Las Vegas Sands to Hold from Buy, reducing price target to $61 from $72.
Katz projects a 570‑basis‑point drop in Macau adjusted EBITDA margin by 2027 versus 2023, the steepest among peers.
FY26 and FY27 EBITDA forecasts for Sands are 2.9% and 4.9% below Wall Street consensus, respectively.
Katz favors Wynn Resorts' premium model, noting Nevada locals weakness and a 4.7% YoY EBITDAR drop at Boyd Gaming.