BofA upgraded Red Rock Resorts (RRR) to Neutral from Underperform with a price target of $55, down from $57. Shares have sold off 15% since April 25 after Boyd Gaming (BYD) called out softness in the Las Vegas Locals market and Red Rock reported Q1 results in line with consensus, but softer than expectations, the analyst tells investors in a research note. The firm sees risk-reward as more balanced in Red Rock shares with the recent pullback, and while Boyd’s commentary on core Locals softness is alarming, says it doesn’t sound like Red Rock is experiencing softness in their sub-markets and thinks Durango can offset core softness.
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