Truist Financial Issues Pessimistic Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Key Points

• Truist lowered its price target on Red Rock Resorts to $70 (from $80) while maintaining a "buy" rating, a target the firm says implies roughly a 23.2% upside from the prior close.
• Consensus remains cautiously positive: the average analyst price target is about $70.64 with 11 Buy and 4 Hold ratings, giving the stock an overall "Moderate Buy" consensus.
• Fundamentals show resilience—Red Rock beat quarterly EPS ($0.75 vs. $0.41) and revenue expectations, yet the stock traded around $56.82 (12‑month range $39.45–$68.99) with a market cap of ~$5.97B and a P/E of 18.02.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price objective decreased by equities researchers at Truist Financial from $80.00 to $70.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 23.20% from the company's previous close.

Several other equities analysts have also recently commented on RRR. Wells Fargo & Company boosted their price objective on shares of Red Rock Resorts from $58.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 11th. Citigroup reissued a "market outperform" rating on shares of Red Rock Resorts in a research note on Tuesday, March 10th. Barclays raised their price target on Red Rock Resorts from $65.00 to $69.00 and gave the company an "overweight" rating in a report on Friday, January 16th. Susquehanna boosted their price objective on Red Rock Resorts from $69.00 to $77.00 and gave the stock a "positive" rating in a report on Wednesday, February 11th. Finally, Jefferies Financial Group lowered their target price on shares of Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $70.64.

Red Rock Resorts Stock Performance

Shares of RRR stock opened at $56.82 on Tuesday. Red Rock Resorts has a 12 month low of $39.45 and a 12 month high of $68.99. The stock has a market capitalization of $5.97 billion, a P/E ratio of 18.02, a PEG ratio of 2.36 and a beta of 1.48. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 10.26. The firm's 50 day moving average is $58.84 and its 200 day moving average is $59.40.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The firm had revenue of $511.78 million for the quarter, compared to the consensus estimate of $500.90 million. During the same quarter in the prior year, the business posted $0.76 earnings per share. The business's quarterly revenue was up 3.2% on a year-over-year basis. On average, sell-side analysts anticipate that Red Rock Resorts will post 2.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. AQR Capital Management LLC bought a new position in Red Rock Resorts during the 1st quarter worth approximately $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Red Rock Resorts by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company's stock worth $1,270,000 after acquiring an additional 1,282 shares during the last quarter. Millennium Management LLC increased its position in shares of Red Rock Resorts by 56.2% in the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock valued at $18,656,000 after acquiring an additional 154,839 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Red Rock Resorts by 4.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company's stock valued at $4,609,000 after acquiring an additional 4,699 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Red Rock Resorts by 9.1% during the second quarter. American Century Companies Inc. now owns 25,884 shares of the company's stock valued at $1,347,000 after acquiring an additional 2,166 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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