Wells Fargo Starts Red Rock Resorts (RRR) at Equal Weight

Wells Fargo analyst Daniel Politzer initiates coverage on Red Rock Resorts (NASDAQ: RRR) with a Equal Weight rating and a price target of $58.00.

The analyst comments "We initiate coverage of RRR at Equal Weight with a $58 PT based on 11x our '26E EBITDA of $865m. Long term, we think RRR has strong development opportunities, but believe shares are currently fully valued. Are Locals Assets Superior? RRR owns a portfolio of high-end casinos and 460 acres of development land in the Las Vegas region. Compared to regional markets, Locals has performed ~in-line over the past 15+ years on an NGR CAGR despite positive demographic trends (wages/retirees). We believe consumers discretionary spend will continue to shift to digital, though admittedly more difficult in the highly regulated Las Vegas market."

For an analyst ratings summary and ratings history on Red Rock Resorts click here. For more ratings news on Red Rock Resorts click here.

Shares of Red Rock Resorts closed at $57.36 yesterday.

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