UPDATE - Barclays Downgraded Boyd Gaming (BYD); Valuation and Atlantic City Competition
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Price: $62.89 -1.1%
Rating Summary:
20 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
20 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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UPDATE - Barclays downgraded Boyd Gaming (NYSE: BYD) from Overweight to Equalweight, price target lowered from $10 to $8.
Analyst, Felicia R. Hendrix, had two main reasons to cut her rating on the stock: 1) upcoming competition in Atlantic City; and 2) valuation. Year-to-date, Boyd shares have increased 24.3% versus a 7.3% increase in the S&P 500 and the third highest in our coverage universe (behind MGM (NYSE: MGM) and Sands China (NYSE: LVS)); the stock is now the most expensive among the three regional gaming operators.
Barclays lowers FY12 EPS estimate from $0.41 to $0.37 and FY13 from $0.47 to $0.42.
Shares fell over 3% in the trading session.
Also, this morning, Nomura Securities initiated coverage on Boyd with a 'Neutral', saying a moderate recovery in the Las Vegas Locals market to be offset by continued deterioration in Atlantic City.
To see more ratings on BYD, Click Here
Analyst, Felicia R. Hendrix, had two main reasons to cut her rating on the stock: 1) upcoming competition in Atlantic City; and 2) valuation. Year-to-date, Boyd shares have increased 24.3% versus a 7.3% increase in the S&P 500 and the third highest in our coverage universe (behind MGM (NYSE: MGM) and Sands China (NYSE: LVS)); the stock is now the most expensive among the three regional gaming operators.
Barclays lowers FY12 EPS estimate from $0.41 to $0.37 and FY13 from $0.47 to $0.42.
Shares fell over 3% in the trading session.
Also, this morning, Nomura Securities initiated coverage on Boyd with a 'Neutral', saying a moderate recovery in the Las Vegas Locals market to be offset by continued deterioration in Atlantic City.
To see more ratings on BYD, Click Here
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