Boyd Gaming (BYD) PT Raised to $88 at Stifel
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Stifel analyst Steven M. Wieczynski raised the price target on Boyd Gaming (NYSE: BYD) to $88.00 (from $82.00) while maintaining a Buy rating.
The analyst commented, "Exiting the quarter, we are materially raising our core EBITDAR estimates for 2021-2023. 2Q21 results were substantially better than we were expecting and management’s commentary leads us to believe 3Q21 is already off to an encouraging start with little change to their customer spend/visitation patterns. We believe a lot of the cost saves that have been achieved during COVID-19, should prove permanent even as certain “margin dilutive” revenues come back online. While shares of BYD could trade sideways around variant news for the foreseeable future, we would remind investors that even if certain gaming markets were forced to close or reduce capacity again, BYD’s balance sheet remains in excellent shape and our belief is demand would return very quickly once variant fears subside, similar to what we witnessed over the last ten months. We reiterate our Buy rating while our target price moves higher to $88 (+$6, 2023 SOTP)."
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