Red Rock Resorts (RRR) PT Raised to $68 at Citizens: Durango Next in Growth Story

Citizens analyst Jordan Bender raised the price target on Red Rock Resorts (NASDAQ: RRR) to $68.00 (from $65.00) while maintaining a Market Outperform rating.

The analyst commented, "The next phase of the growth story will come in the form of a third phase at Durango, with shovels now in the ground two years after the original opening of the property. The 18-month project will inherently impact operations at the property, with the level of disruption unknown as of now; however, these are the types of growth projects that leave us constructive on the long-term trajectory of the company. RRR has the ability to fund accretive projects with FCF at this point, without increasing leverage beyond the targeted range and without the threat of new competition impeding the development pipeline. We model leverage declining to the low-3s by the end of 2027, including several hundred million of capex associated with Durango III, indicating to us the company will still announce another new build during 1Q26 or 2Q26 results."

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