Red Rock Resorts price target raised to $69 from $63 at JPMorgan

JPMorgan raised the firm’s price target on Red Rock Resorts to $69 from $63 and keeps an Overweight rating on the shares. The analyst raised the firm’s Q1, 2024 and 2025 estimates on stronger than previously modeled Durango property estimates. The firm now projects Q1 Las Vegas Locals property level EBITDA of $242M, which assumes a $38M contribution from Durango and a 6% same-store EBITDA decline. It continues to like the risk/reward in Red Rock shares and expects the company’s Q1 and outlook to “shine versus peers when it reports earnings sometime next month.”