Truist Financial Boosts Red Rock Resorts (NASDAQ:RRR) Price Target to $75.00

Key Points

• Truist Financial raised its price target on Red Rock Resorts from $68 to $75 and kept a buy rating, implying about 14.9% upside from the current share price.
• Other analysts have also turned more optimistic, with recent target hikes from Barclays, JPMorgan, and Goldman Sachs; the stock now has a Moderate Buy consensus and a $70.25 average price target.
• Red Rock Resorts shares were trading around $65.29, near the top of their 52-week range, while the company recently reported earnings below estimates but slightly better-than-expected revenue.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price target boosted by analysts at Truist Financial from $68.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 14.88% from the stock's current price.

A number of other equities research analysts also recently weighed in on RRR. Barclays lifted their price objective on Red Rock Resorts from $65.00 to $72.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their target price on Red Rock Resorts from $66.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Susquehanna decreased their price target on Red Rock Resorts from $77.00 to $70.00 and set a "positive" rating on the stock in a research note on Thursday, April 30th. The Goldman Sachs Group reiterated a "buy" rating and issued a $73.00 price target on shares of Red Rock Resorts in a research report on Wednesday. Finally, Weiss Ratings upgraded Red Rock Resorts from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 10th. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.25.

Red Rock Resorts Price Performance

Shares of RRR stock traded up $0.54 during mid-day trading on Monday, reaching $65.29. The company's stock had a trading volume of 32,305 shares, compared to its average volume of 821,920. The firm's 50-day moving average is $59.92 and its two-hundred day moving average is $59.64. The company has a market cap of $6.86 billion, a P/E ratio of 20.98, a PEG ratio of 4.90 and a beta of 1.35. 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 quick ratio of 0.76 and a current ratio of 0.81.

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 for the quarter, missing the consensus estimate of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business had revenue of $507.32 million for the quarter, compared to analyst estimates of $505.63 million. During the same quarter last year, the firm posted $0.75 earnings per share. Red Rock Resorts's revenue was up 1.9% on a year-over-year basis. On average, research analysts predict that Red Rock Resorts will post 1.53 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RRR. Salomon & Ludwin LLC bought a new stake in Red Rock Resorts during the 4th quarter worth about $25,000. Kestra Advisory Services LLC bought a new position in shares of Red Rock Resorts in the fourth quarter worth 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 in 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 in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock valued at $91,000 after purchasing an additional 733 shares during the last quarter. 47.84% of the stock is owned by 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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