Boyd Gaming (BYD) PT Raised to $76 at Stifel

Stifel analyst Steven M. Wieczynski raised the price target on Boyd Gaming (NYSE: BYD) to $76.00 (from $71.00) while maintaining a Buy rating.

The analyst commented, “We recently hosted BYD’s management team (Amir Markowitz, Director of Corporate Finance, Treasury/ IR) at our annual Cross Sector Insights Conference. Consistency seems to be the key word when describing recent trends across BYD’s properties. Nationwide, the retail customer (low-end of database/unrated) has remained roughly neutral around trough levels, while spending from core customers continues to grow. In the LVL segment, there has been slight market-wide softness and persistently elevated levels of competition, though the retail cohort is stabilizing in terms of quarterly y/y comps on a lagged trajectory like the broader nationwide dynamics, and core customer growth remains resilient. With a low-levered balance sheet, BYD remains one of the better positioned regional gaming operators to own in any environment, but more so now given the uncertain macro/LVL backdrop. We move our price target to $76 (+$5) which now incorporates a higher contribution from BYD’s FanDuel equity stake.”

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Mosaic sets pricing for tender offers on up to $1.4B in debt
• AI/ML Innovations plans $2M private placement on the CSE