UPDATE: Boyd Gaming (BYD) 'Margin Expansion Beyond Impressive', PT Raised to $80 at Stifel
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Stifel analyst Steven M. Wieczynski raised the price target on Boyd Gaming (NYSE: BYD) to $80.00 (from $70.00) after 1Q21 results were substantially better than expected and management’s commentary indicates 2Q21 is already off to an encouraging start.
The analyst reiterated the Buy rating, stating "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. We would hope that investors fully understand that the current run-rate margins that are being produced will not be sustainable over the long-term. Looking longer-term, we identify several value creation drivers, including strategic optionality around the company’s predominantly wholly-owned real estate portfolio, deleveraging opportunities and low-risk sports betting strategy, that feel underappreciated in the context of the current share price/valuation".
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