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Investing.com - Mizuho (NYSE:MFG) raised its price target on Red Rock Resorts (NASDAQ:RRR) to $62.00 from $59.00 on Wednesday, while maintaining its previous rating on the casino operator’s stock. The new target aligns with the broader analyst consensus, as Red Rock currently maintains a "Buy" rating with targets ranging from $49 to $68, according to InvestingPro data.
The price target increase follows Red Rock’s latest quarterly results, which showed Las Vegas segment revenue of $513.3 million, excluding $10 million in NF Management, significantly exceeding both Mizuho’s estimate of $485 million and the Street consensus of $479 million. This performance contributes to the company’s impressive 9.48% revenue growth over the last twelve months, with total revenue reaching $1.95 billion.
The company’s Las Vegas EBITDA reached $239 million, outperforming Mizuho’s projection of $211 million and Street expectations of $218 million, while segment EBITDA margins came in higher at 46.7% compared to Mizuho’s forecast of 43.5% and Street estimates of 45.5%.
Mizuho noted that hold was largely a non-factor in the results, and the firm believes Red Rock "needed to have a strong quarter given recent run in the stock" and "certainly delivered."
The firm highlighted momentum in the Las Vegas locals market, which was reflected in both second-quarter results and overall business trajectory, indicating a "stronger than expected underlying core consumer, supported by a number of unique catalysts."
In other recent news, Red Rock Resorts reported strong financial results for the second quarter of 2025, outperforming earnings expectations. The company achieved an earnings per share of $0.95, significantly higher than the anticipated $0.41, marking a surprise of over 131%. Additionally, revenue reached $526.3 million, surpassing the forecast of $487.61 million. In another development, JMP Securities raised its price target for Red Rock Resorts from $57 to $64, maintaining a Market Outperform rating. This adjustment is based on JMP’s valuation metrics, including estimated EBITDA and free cash flow for 2027. These recent developments highlight notable progress for Red Rock Resorts, capturing the attention of investors and analysts alike.
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