JPMorgan Chase & Co. Boosts Red Rock Resorts (NASDAQ:RRR) Price Target to $72.00

Key Points

• JPMorgan Chase & Co. raised its price target on Red Rock Resorts from $66 to $72 and kept an overweight rating, implying about 12.5% upside from the previous close.
• Analyst views remain mostly positive overall, with Red Rock Resorts carrying a Moderate Buy consensus and a consensus price target of $69.75, though some firms have trimmed targets or turned more cautious.
• The company recently reported mixed quarterly results: EPS missed estimates at $0.73 vs. $0.90 expected, while revenue came in slightly ahead at $507.3 million and rose 1.9% year over year.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price target upped by analysts at JPMorgan Chase & Co. from $66.00 to $72.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 12.50% from the company's previous close.

Several other equities analysts have also weighed in on RRR. Truist Financial reduced their target price on shares of Red Rock Resorts from $70.00 to $68.00 and set a "buy" rating on the stock in a report on Thursday, April 30th. Weiss Ratings raised Red Rock Resorts from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Zacks Research cut Red Rock Resorts from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Morgan Stanley set a $59.00 target price on Red Rock Resorts in a research report on Wednesday, May 6th. Finally, Citigroup dropped their target price on Red Rock Resorts from $76.00 to $62.00 and set a "buy" rating on the stock in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.75.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $64.00 on Wednesday. The stock's 50-day moving average is $59.20 and its 200-day moving average is $59.58. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 4.88 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. Red Rock Resorts has a 12 month low of $50.52 and a 12 month high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm had revenue of $507.32 million for the quarter, compared to analysts' expectations of $505.63 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts anticipate that Red Rock Resorts will post 1.53 earnings per share for the current year.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently made changes to their positions in the business. Salomon & Ludwin LLC acquired a new stake in Red Rock Resorts in the fourth quarter valued at $25,000. Kestra Advisory Services LLC acquired a new stake in shares of Red Rock Resorts in the 4th quarter valued at about $27,000. Rockefeller Capital Management L.P. lifted its position in shares of Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock worth $31,000 after purchasing an additional 481 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company's stock worth $47,000 after purchasing an additional 263 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Red Rock Resorts by 98.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock worth $91,000 after purchasing an additional 733 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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