Goldman Sachs hires from rivals to expand in mid-market deals
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 15 2024
0mins
Source: reuters
- Goldman Sachs Hires Investment Bankers: Goldman Sachs has hired two investment bankers, Kerry Burke and Eddie Rubin, from Evercore and Lazard, respectively, to focus on advising deals worth up to $2 billion.
- Diversification of Revenue Streams: The move is part of Goldman's strategy to diversify revenue by advising on smaller transactions in addition to mega deals.
- Creation of Cross Markets Group (CMG): In 2019, Goldman established the CMG unit led by David Friedland to increase its share of fees from advising on smaller acquisitions.
- Focus Industries and Team: The CMG unit covers five industries and is staffed by 200 employees, including 10 senior bankers leading different sectors.
- Trend in Investment Banking: Boutique investment banks have been aggressively hiring top dealmakers, creating opportunities for larger banks like Goldman to capture mid-market deals and generate fees.
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Analyst Views on LVS
Wall Street analysts forecast LVS stock price to rise
14 Analyst Rating
10 Buy
4 Hold
0 Sell
Moderate Buy
Current: 51.950
Low
56.89
Averages
69.12
High
80.00
Current: 51.950
Low
56.89
Averages
69.12
High
80.00
About LVS
Las Vegas Sands Corp. is a global developer and operator of destination properties (Integrated Resorts). The Integrated Resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities. Its properties also cater to high-end players by providing them with luxury amenities and premium service levels. Its other amenities include luxury accommodations, restaurants, lounges, invitation-only clubs and private gaming salons. Its principal operating and developmental activities occur in two geographic areas: Macao and Singapore. In Macao, it owns The Venetian Macao Resort Hotel; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao, and Sands Macao. In Singapore, it owns Marina Bay Sands. It also has ferry operations. It owns and operates a collection of Integrated Resorts in the Macao Special Administrative Region of the People's Republic of China (PRC) through Sands China Ltd.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Macau Gambling Revenue: According to government data, gambling revenue in Macau saw strong growth this quarter, partly due to increased tourist activity during the Lunar New Year, reflecting the positive impact of tourism recovery on the company's performance.
- Stock Price Reaction: Following the earnings report, Las Vegas Sands' shares rose more than 2%, indicating a positive market reaction to the company's performance and boosting investor confidence in future growth prospects.
- Market Outlook: With the recovery of the tourism sector and sustained demand, Las Vegas Sands' business outlook in Macau and Singapore appears optimistic, potentially driving further long-term profitability and market share expansion.
See More
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- Mixed Economic Data: Weekly initial unemployment claims rose by 6,000 to 214,000, indicating a weaker labor market than the expected 210,000, while the Chicago Fed national activity index fell to -0.20, signaling a slowdown in economic growth.
- Rising Oil Prices: WTI crude oil prices surged over 3% due to tensions in the Strait of Hormuz, potentially exacerbating the global energy crisis and influencing market sentiment and inflation expectations.
- Earnings Reports Highlight: Despite the overall market weakness, 81% of S&P 500 companies reported better-than-expected earnings, with Q1 earnings projected to rise by 12% year-over-year, showcasing resilience in certain sectors, particularly chipmakers like Texas Instruments, which rose over 19%.
See More
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- Mixed Economic Data: Weekly initial jobless claims rose to 214,000, exceeding expectations of 210,000, indicating a weaker labor market, while the April S&P manufacturing PMI increased to 54.0, surpassing expectations of 52.5, suggesting a rebound in manufacturing activity.
See More
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- Software Sector Decline: ServiceNow dropped over 15% following disappointing earnings, while IBM fell more than 7% due to underwhelming software performance, contributing to broader market pressure and highlighting challenges within the tech sector.
- Mixed Economic Data: Weekly initial unemployment claims rose to 214,000, exceeding expectations of 210,000, indicating a weaker labor market, while the April manufacturing PMI increased to 54.0, surpassing forecasts and suggesting ongoing expansion in manufacturing.
- Rising Oil Prices Impact: WTI crude oil prices increased by nearly 1% due to tensions in the Strait of Hormuz, potentially exacerbating the global energy crisis and raising inflation expectations, which could further influence bond yields.
See More
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- Analyst Upgrades: Following the better-than-expected results, several analysts raised their price targets for LVS, reflecting a positive outlook on the company's future growth and potentially attracting more investor interest.
- Positive Market Reaction: The strong earnings report has triggered a positive market response, with the stock price likely to rise, thereby enhancing the company's market position and capital-raising capabilities.
- Strategic Growth Potential: Against the backdrop of recovering travel and entertainment demand, LVS demonstrates significant strategic growth potential, with prospects for further performance enhancement through ongoing market expansion and innovation.
See More
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- Quarterly Dividend Announcement: Las Vegas Sands Corp. has declared a quarterly dividend of $0.30 per share, consistent with previous distributions, indicating the company's stable cash flow and profitability, which is likely to attract more investor interest.
- Yield Information: The forward yield of this dividend stands at 2.11%, providing shareholders with a relatively stable return, thereby enhancing the company's appeal in the highly competitive gaming industry.
- Shareholder Arrangement: The dividend will be payable on May 13, with a record date of May 5 and an ex-dividend date also set for May 5, ensuring shareholders receive their earnings promptly, which further solidifies shareholder trust.
- Future Outlook: Las Vegas Sands plans to refresh the Venetian by the end of 2027 while targeting $700 million in quarterly EBITDA from Macau, demonstrating the company's confidence in future growth and strategic positioning.
See More
