Imperial Capital Starts Red Rock Resorts (RRR) at In-Line
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Imperial Capital initiates coverage on Red Rock Resorts (NASDAQ: RRR) with a In-Line rating and a price target of $23.00.
Analyst Gregg Klein commented, "Our price target is about 8% above the recent share price. Red Rock Resorts (RRR) owns 36% of Station Casinos LLC, with the remaining 64% controlled by the Fertitta family and other investors, as of 6/30/16. The company is being valued at 8.3x our estimated 2017 EBITDA, which we think is appropriate. Recently, most regional gaming equities have been under pressure since the release of generally lackluster third quarter earnings. However, Red Rock is the dominant operator in one of the better regional markets, the Locals Las Vegas market. We think the company owns a quality portfolio of casinos and expect earnings to continue to grow for the next several quarters. Our price target of $23 values the company at 8.5x based on our 2017E EBITDA."
Shares of Red Rock Resorts closed at $21.33 yesterday.
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