JMP Securities recently raised its price target for Red Rock Resorts (NASDAQ:RRR) to $64.00, signaling a potential upside of 4.32% and reaffirming a “market outperform” rating. This optimistic revision highlights strong analyst confidence in the casino and entertainment giant’s future performance, further boosting the outlook for RRR stock.
Beyond JMP Securities, other prominent financial institutions have also adjusted their outlooks for RRR. Truist Financial, for instance, upgraded shares from a “hold” to a “buy” rating, increasing their price objective significantly from $45.00 to $67.00. This indicates a growing consensus around the positive trajectory of Red Rock Resorts.
Further reinforcing the positive sentiment, Barclays upped its price target on Red Rock Resorts from $62.00 to $65.00, assigning an “overweight” rating. Macquarie also reiterated an “outperform” rating and issued a $58.00 price target, underscoring a consistent favorable view across multiple firms regarding the company’s investment potential.
JPMorgan Chase & Co. initiated coverage with an “overweight” rating and a $62.00 price target, while Mizuho upgraded RRR from “neutral” to “outperform,” setting a $50.00 target. Collectively, four research analysts have rated the stock with a “hold” and eight have issued a “buy,” leading to a consensus “Moderate Buy” rating and an average price target of $60.36 according to MarketBeat, solidifying its position in stock market analysis.
Red Rock Resorts demonstrated robust financial health in its latest quarterly earnings report on July 29th, surpassing analyst expectations. The company reported earnings per share (EPS) of $0.95, significantly outperforming the consensus estimate of $0.40 by $0.55, a key indicator for investors observing RRR stock.
Revenue for the quarter reached $526.27 million, exceeding analyst predictions of $485.44 million, representing an impressive 8.2% increase year-over-year. The firm also boasted a net margin of 8.89% and a substantial return on equity of 59.56%, indicating efficient operations and strong profitability within the casino industry.
Institutional investors have actively modified their positions in RRR, reflecting growing confidence. CANADA LIFE ASSURANCE Co, Mayfair Advisory Group LLC, Nisa Investment Advisors LLC, Tower Research Capital LLC TRC, and Sequoia Financial Advisors LLC are among the many who have recently increased their holdings, collectively demonstrating significant institutional backing for Red Rock Resorts.
Currently, 47.84% of Red Rock Resorts stock is owned by institutional investors and hedge funds, a testament to its appeal within professional investment circles. This strong institutional presence often signals stability and long-term growth potential for a company’s price target.
Red Rock Resorts, Inc., through its interest in Station Casinos LLC, is a key player in the United States’ casino and entertainment sector. The company successfully develops and operates gaming facilities, including the Durango Casino & Resort and various smaller casinos throughout the vibrant Las Vegas regional market, underpinning its strong operational foundation and its standing within the broader casino industry.
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