Red Rock Resorts price target raised to $59 from $57 at JMP Securities

JMP Securities raised the firm’s price target on Red Rock Resorts (RRR) to $59 from $57 and keeps an Outperform rating on the shares. Red Rock’s Q4 EBITDA of $202M beat expectations, and while the first half of 2025 will face tougher comps and renovation disruption related to the growth projects at Durango, Green Valley Ranch, and Sunset Station starting in the summer, with EBITDA down in several quarters this year, Red Rock should reap the returns stemming from the $350M of growth capital, in-flow of fees related to North Fork, CON/AGG trade show returning to Las Vegas, as well as the reversal in EBITDA beginning in 2026 with a lack of renovation distruption, the analyst tells investors in a research note. The growth pipeline remains robust and offers a way to own the high-end Las Vegas locals market with a favorable backdrop, the firm contends.