Susquehanna Boosts Price Target for Red Rock Resorts Stock to $65
Analysts at Susquehanna have raised their price target for Red Rock Resorts (NASDAQ: RRR) from $52.00 to $65.00, indicating a potential upside of approximately 19.93% based on the company’s previous closing price. The brokerage maintains a “positive” rating on the stock, reflecting confidence in the company’s performance.
Other financial institutions have also provided updates on Red Rock Resorts. On May 2, Stifel Nicolaus reduced its price target from $54.00 to $44.00, assigning a “hold” rating. Conversely, Morgan Stanley increased their target from $47.00 to $49.00 on July 11 and gave the stock an “equal weight” rating. Mizuho upgraded the stock from “neutral” to “outperform” with a target price of $50.00 on June 2. Truist Financial lifted its target from $45.00 to $67.00 and raised its rating from “hold” to “buy” on July 16. JMP Securities also increased their target from $55.00 to $57.00, labeling the stock as a “market outperform” on July 18.
Investment analysts have shown a generally favorable outlook on Red Rock Resorts. Currently, four analysts have rated the stock as a “hold,” while eight have assigned it a “buy” rating. According to data from MarketBeat.com, the consensus rating for Red Rock Resorts is “Moderate Buy,” with an average price target of $56.64.
Recent Financial Performance
Red Rock Resorts reported its quarterly earnings on May 1, revealing earnings per share (EPS) of $0.80, surpassing the consensus estimate of $0.47 by $0.33. The company achieved a net margin of 8.01% and a return on equity of 56.45%. It generated revenue of $497.86 million, slightly below analysts’ expectations of $499.12 million. This represents a 1.8% increase in revenue compared to the same quarter last year, where the firm earned $0.68 per share.
Analysts predict that Red Rock Resorts will post $1.76 earnings per share for the current fiscal year, indicating continued growth expectations.
Institutional Investor Activity
Recent activity among institutional investors highlights growing interest in Red Rock Resorts. Raymond James Financial Inc. acquired a new position valued at approximately $292,000 in the fourth quarter. Commonwealth Equity Services LLC increased its stake by 184.2% during the same period, bringing its total to 12,509 shares valued at $578,000 after purchasing an additional 8,107 shares. CIBC World Markets Corp. also entered a new position valued at around $213,000.
Furthermore, American Century Companies Inc. raised its stake by 11.7%, now owning 34,530 shares valued at $1.6 million. Fox Run Management L.L.C. joined the fray with a new position worth approximately $407,000. Currently, institutional investors hold 47.84% of the company’s stock, reflecting a significant level of market confidence.
In summary, Red Rock Resorts continues to attract positive attention from analysts and investors alike, bolstered by strong recent earnings and a positive outlook for the future.
