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Investing.com - Citizens JMP raised its price target on Red Rock Resorts (NASDAQ:RRR) to $57.00 from $55.00 on Friday, while maintaining a Market Outperform rating on the stock. The casino operator, currently trading at $55.37, has shown impressive momentum with a 22.3% return over the past six months. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value estimates.
The price target adjustment represents a slight increase from the previous target of $55.00 that the firm had set for the casino and entertainment company.
JMP analyst Jordan Bender stated that the new $57 price target is based on 10.8x the firm’s 2026 estimated EBITDA, which remains unchanged from previous calculations.
The analyst also noted that the target reflects 14.8x the firm’s 2026 estimated free cash flow (FCF), an increase from the previous multiple of 13.8x.
Despite the price target increase, JMP maintained its Market Outperform rating on Red Rock Resorts stock, indicating the firm continues to expect the stock to outperform the market average.
In other recent news, Red Rock Resorts has been the focus of multiple analyst upgrades and strategic developments. Truist Securities upgraded the company’s stock rating from Hold to Buy, raising the price target to $67.00, citing strength in the Las Vegas locals market and potential benefits from the recently passed No Tax On Tips law. Mizuho (NYSE:MFG) analysts also upgraded Red Rock Resorts to an outperform rating with a new price target of $50.00, expressing optimism about the company’s prospects despite ongoing construction disruptions. JPMorgan initiated coverage with an overweight rating and a $62.00 price target, highlighting potential upside from capital expenditure projects and a favorable tax environment. Citizens JMP reiterated a Market Outperform rating and noted that recent tax changes could boost Red Rock Resorts’ revenue in upcoming quarters. Additionally, the company held its Annual Meeting of Stockholders, where all board nominees were re-elected, and Ernst & Young LLP was ratified as the independent auditor. These developments underscore the confidence in Red Rock Resorts’ strategic direction and financial management.
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