UPDATE: KeyBanc Capital Upgrades Las Vegas Sands to Buy (LVS)

KeyBanc Capital is out with its report today on Las Vegas Sands (NYSE: LVS), upgrading LVS from Hold to Buy.

In a note to clients, KeyBanc Capital writes, "We have raised our quarterly and full year expectations for 2011 and 2012 and are upgrading our investment opinion from HOLD to BUY. We are establishing a price target of $57. The combination of the strong performance in Singapore and Macau, continuous appreciation and possible revaluation of the yuan, and more reasonable valuation on our updated forecasts make the shares of LVS appear attractive. We have more confidence in the state of the U.S. gaming market (15% of current EBITDA), and the ability for Macau and Singapore properties to continue to deliver since our September 27, 2010 opinion change to HOLD."

At the time of posting, shares of LVS were trading at $48.57, up 0.91% from Tuesday's close.