FBR Capital maintains a 'Market Perform' on Boyd Gaming (BYD); Maintaining Price Target as Continued Borgata Weakness Offsets Asset Sale

FBR Capital maintains a 'Market Perform' on Boyd Gaming (NYSE: BYD), PT $10.

FBR analyst says, "Though Boyd will exhibit earnings growth based on easy compares and a slowly improving economy, until we see fundamental improvements in the Las Vegas market, we remain cautious. In addition, the Borgata will likely see further margin erosion as this is the first full summer that Atlantic City competes with Pennsylvania’s table games, and then in 2012 the property will be pressured given the increased competition coming on line."

"Following Boyd's 1Q11 results, we are lowering our 2011 and 2012 adjusted
EBITDA estimates to $463.0 million and $486.9 million, from $466.5 million and $514.3 million."

For more ratings news on Boyd Gaming click here and for the rating history of Boyd Gaming click here.

Shares of Boyd Gaming closed at $9.53 yesterday.

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