Red Rock Resorts (NASDAQ:RRR) Price Target Lowered to $73.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its price target on Red Rock Resorts to $73 (from $76) but kept an overweight rating, saying the target implies about a 29.09% upside from the prior close.
• The analyst consensus remains a Moderate Buy, with 12 Buy and 3 Hold ratings and a consensus price target of $71.36.
• RRR is trading around $56.55 (down 0.1%), below analyst targets, and the company recently beat quarterly estimates with $0.75 EPS vs. $0.41 expected.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $76.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 29.09% from the stock's previous close.

Several other analysts also recently commented on RRR. Truist Financial reissued a "buy" rating and set a $80.00 price objective (up from $75.00) on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Citizens Jmp increased their price objective on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a "market outperform" rating in a research report on Wednesday, January 14th. Jefferies Financial Group cut their price objective on shares of Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. Weiss Ratings raised shares of Red Rock Resorts from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 2nd. Finally, Mizuho set a $77.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.36.

Red Rock Resorts Stock Down 0.1%

RRR stock traded down $0.03 during trading on Thursday, hitting $56.55. 584,162 shares of the stock traded hands, compared to its average volume of 783,779. Red Rock Resorts has a 1 year low of $39.45 and a 1 year high of $68.99. The firm's 50 day moving average is $59.31 and its two-hundred day moving average is $59.52. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.39 and a beta of 1.48. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The company had revenue of $511.78 million for the quarter, compared to the consensus estimate of $500.90 million. During the same period in the prior year, the firm posted $0.76 EPS. Red Rock Resorts's revenue for the quarter was up 3.2% on a year-over-year basis. On average, sell-side analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current year.

Institutional Trading of Red Rock Resorts

Institutional investors have recently made changes to their positions in the stock. Salomon & Ludwin LLC purchased a new stake in shares of Red Rock Resorts during the 4th quarter valued at about $25,000. Kestra Advisory Services LLC purchased a new stake in shares of Red Rock Resorts during the 4th quarter valued at about $27,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock valued at $31,000 after acquiring an additional 481 shares during the last quarter. Strs Ohio purchased a new stake in shares of Red Rock Resorts during the 3rd quarter valued at about $37,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Red Rock Resorts by 53.8% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company's stock valued at $47,000 after acquiring an additional 263 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company's stock.

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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