No Change to Boyd Gaming (BYD) Thesis Following Q1 Results

Sterne Agee CRT reiterated a Neutral rating and $16 price target on Boyd Gaming (NYSE: BYD) following Q1 results. No significant change in thesis. Strong management discipline leading to EBITDA gains in a slow growth environment. The Borgata is in a better position and its regional portfolio remains stable.

Sterne Agee CRT analyst David Bain comments "BYD continues to deliver solid EBITDA gains despite relatively modest revenue growth. We continue to be increasingly bullish on shares though find it difficult to be more enthusiastic without true top-line traction. We believe its Las Vegas Locals segment offers the most potential share price upside and trends in that market segment are encouraging. Still, after adjusting estimates upward, BYD trades at ~8x CY16 EV/EBITDA, a near full valuation given the company’s tepid revenue outlook and lack of visible catalyst."

For an analyst ratings summary and ratings history on Boyd Gaming click here. For more ratings news on Boyd Gaming click here.

Shares of Boyd Gaming closed at $13.54 yesterday.

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