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LAS VEGAS-Shares of casino operator Las Vegas Sands Corp. countered the overall market Monday and briefly achieved a new 52-week high after an analyst significantly boosted his price target on the company by 48%. The company’s stock topped out at $96.90 in early morning trading on the NYSE before finishing the day at $93.12, up $0.79 on a day the Dow, Nasdaq and the S&P 500 all lost ground. The stock’s previous 52-week high–$95.25–was set Nov. 22.

The rise came after analyst Lawrence Klatzkin of Jefferies & Co. on Monday morning boosted his price target to $124.50 from $87.50 after deciding to include 2,000 acres on Hengqin Island in his valuation of the company. Hengqin Island is the largest among the 146 islands in Zhuhai, southern China. More than triple the size of its well-known neighbor, Macao, Hengqin Island “will complement [Macau's Cotai Strip] with its eight square kilometers of hotels, retail, golf courses, marinas, vacation homes and other amenities,” Klatzkin wrote in an email to clients.

The addition of the company’s eventual asset sales on Hengqin Island, which Klatzkin “conservatively” estimates at $12 billion, accounts for $34 of the $37 increase in the price target. Klatzkin also reaffirmed his “Buy” rating on Las Vegas Sands and said it is still one of his top picks. A “Buy” rating is for stocks Jeffries & Co. expects to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

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