SunTrust analyst Barry Jonas lowered his price target on Red Rock Resorts to $25 and kept his Hold rating after its Q3 results, saying the company's EBITDA miss was driven by disruptions at the Palms and Palace Station casinos. The analyst also lowers his expected EBITDA for FY18 and FY19 by 2% on slower than initially expected ramp. Jonas reduces his implied multiple on the stock to 11.8-times from 12.3-times to reflect the market re-rating, even though he sees Red Rock Resorts benefiting from a leading position in the healthy Las Vegas Locals market.