Sands China downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Sands China to Equal Weight from Overweight with a price target of HK$30, down from HK$32. In Macau gaming, the firm prefers Galaxy over Sands for a lack of increase in interest expense, supply additions that it says should help market share gains throughout 2023-26 and the fact that the firm is unsure of grind mass recovery, where Sands has more exposure.