Jefferies analyst David Katz upgraded Red Rock Resorts (RRR) to Buy from Hold with a price target of $65, down from $66. The company is “midstream” on renovations at Sunset Station and Green Valley Ranch, and announced a $385M expansion of the already successful Durango, the analyst tells investors in a research note. Jefferies believes the company’s project pipeline could bring several hundred million of incremental EBITDA, $200M of which is within three years. Red Rock announced its next growth project and charted “a clear path to upside,” Jefferies contends.
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