Truist analyst Barry Jonas downgraded Red Rock Resorts to Hold from Buy with a price target of $45, down from $46, as part of a broader research note previewing the 2023 US Gaming Sector Outlook. Gaming has proven its resiliency and 2023 is not expected to be much different, the analyst tells investors in a research note, stating that gaming fundamentals will slow down only slightly and the improving Digital and the Vegas calendar could even drive some consolidated EBITDA growth. Jonas adds however that his rating change on Red Rock Resorts reflects a development overhang this year amidst rising leverage, and while he sees the company as a "strong operator in the most stable regulatory market", it’s also the "most expensive" name in his operator coverage.
Published first on TheFly
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