Red Rock Resorts price target raised to $66 from $61 at JMP Securities

JMP Securities raised the firm’s price target on Red Rock Resorts to $66 from $61 and keeps an Outperform rating on the shares. March casino revenue was up 3% year over year, capping a mixed Q1 for brick and mortar gaming, and while weather hurt headline results for the quarter, March spend/visitor was up year over year for the first time since late 2022, acting as an encouraging key performance indicator for companies heading into a period of easier comps, the analyst tells investors in a research note. Asset renovation and new builds in brick and mortar will deleverage balance sheets in a higher-for-longer environment, the firm says.