Red Rock Resorts upgraded to Buy from Hold at Truist

Truist upgraded Red Rock Resorts (RRR) to Buy from Hold with a price target of $67, up from $45. While shares are up meaningfully year-to-date, there could be more to go, as the Locals market appears to be very well-positioned amid favorable population trends and Red Rock is benefiting more than expected given a continued flight to quality, the analyst tells investors in a research note. The recently passed No Tax On Tips law could be another tailwind for the industry/market with operators noting a potential $80M-$85M inflow of discretionary income marketwide, Truist says.