Red Rock Resorts (RRR) Stock: Why The Price Increased 3.16%

By Amit Chowdhry ● Apr 13, 2022
  • The stock price of Red Rock Resorts Inc (NASDAQ: RRR) increased by 3.16% in the most recent trading session. This is why.

The stock price of Red Rock Resorts Inc (NASDAQ: RRR) increased by 3.16% in the most recent trading session. Investors responded positively to a bullish research report.

JPMorgan analyst Joseph Greff assigned the company an “Overweight” rating and a $61 price target. And Greff noted that he is expecting Red Rock Resorts to top its first-quarter earnings estimates based on Chase credit card data reported for January through March in Nevada. 

Plus Greff pointed out that the company has a favorable position in a healthy Las Vegas market.

“We see this attractive same-store growth further complemented by RRR’s Durango development (opens in 2024), one that should achieve a reasonable ROIC, given this sub-market’s higher income residential demographic with modest nearby, competitive supply. Given RRR’s EBITDA/free cash flow generation, we model net leverage at year-end 2023 to be a solid 3.5X,” wrote Greff in a research note.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.