Red Rock Resorts (NASDAQ:RRR) Given New $72.00 Price Target at Barclays

Key Points

• Barclays raised its price target on Red Rock Resorts from $65 to $72 and kept an overweight rating, implying about 14% upside from the current share price.
• Analyst sentiment remains mostly positive overall, with the stock holding a consensus rating of Moderate Buy and an average target price of $68.12, though some firms have been mixed or bearish.
• Recent results were mixed: Red Rock posted $0.73 EPS, below expectations of $0.90, while revenue slightly beat estimates at $507.3 million and rose 1.9% year over year.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price objective increased by analysts at Barclays from $65.00 to $72.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 14.36% from the company's current price.

Several other research firms have also commented on RRR. The Goldman Sachs Group started coverage on shares of Red Rock Resorts in a research note on Friday, June 26th. They set a "buy" rating and a $72.00 price objective for the company. Zacks Research downgraded shares of Red Rock Resorts from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lowered their target price on shares of Red Rock Resorts from $73.00 to $66.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Morgan Stanley set a $59.00 price target on shares of Red Rock Resorts in a research note on Wednesday, May 6th. Finally, Benchmark cut their price target on shares of Red Rock Resorts from $67.00 to $63.00 and set a "buy" rating on the stock in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $68.12.

Red Rock Resorts Trading Down 0.6%

Shares of RRR stock opened at $62.96 on Thursday. Red Rock Resorts has a 1 year low of $50.52 and a 1 year high of $68.99. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The stock's 50 day simple moving average is $58.45 and its two-hundred day simple moving average is $59.54. The company has a market cap of $6.61 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 5.01 and a beta of 1.35.

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

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System purchased a new position in Red Rock Resorts during the 1st quarter worth $1,147,000. Legal & General Group Plc lifted its holdings in shares of Red Rock Resorts by 147.9% in the 4th quarter. Legal & General Group Plc now owns 119,453 shares of the company's stock worth $7,400,000 after buying an additional 71,274 shares during the period. Tudor Investment Corp ET AL purchased a new stake in shares of Red Rock Resorts in the 3rd quarter worth $15,114,000. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Red Rock Resorts by 54.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 125,800 shares of the company's stock worth $7,793,000 after buying an additional 44,546 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Red Rock Resorts by 205.1% during the 4th quarter. UBS Group AG now owns 476,311 shares of the company's stock worth $29,507,000 after buying an additional 320,175 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

About Red Rock Resorts

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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