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Fly News Breaks for June 11, 2019
Jun 11, 2019 | 06:15 EDT
Goldman Sachs analyst Stephen Grambling upgraded Red Rock Resorts (RRR) to Buy from Neutral while lowering his price target for the shares to $29 from $31. The analyst sees 35% total return potential in the stock as he believes a successful Palms ramp and free cash flow "inflection" in 2020 can drive a "sustained re-rating." Further, he believes Red Rock has optionality from a positive Locals Las Vegas macro backdrop and land development/sales. In addition, the company's underlying real estate provides downside valuation support, Grambling tells investors in a research note. The analyst also reiterates Buy ratings on both Las Vegas Sands (LVS) and VICI Properties (VICI).
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