Sterne Agee analyst David Bain reiterated a Neutral rating and $9.50 price target on Boyd Gaming (NYSE: BYD) following sold results after the close.

"All segments except for the Peninsula generally exceeded our outlook by a small margin, and the Las Vegas Locals segment grew its top-line following 3 quarters of small declines," Bain said. "Far from a break-through quarter, but a solid result overall, in our view. Given previous volatility to small victories or defeats post BYD earnings, we expect shares to perform well today."

The results, however, did not change their thesis: 1) BYD’s 17% free cash flow yield hedges significant downside risk; 2) Las Vegas Locals EBITDA gains are still tempered, though construction and convention Strip activity gives us some hope longer-term; 3) there is significantly eased investor expectations for a New Jersey online wagering gaming ramp, though there is also no ramp in site; 4) beneficial short-term opportunity from competitor closings in Atlantic City; 5) deleveraging story; 6) strong flow-through opportunities in the case of a domestic gaming recovery – and although some are calling the regional market an improving one, we believe it remains far from inspiring; 7) Opco/Propco optionality – though we do not see this as likely; 8) overall lack of visible near-term catalysts. In essence – we view the story as mixed.

CY14 EPS goes to (0.07) from (0.02), while CY15/CY16 estimates remain.

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 $11.03 yesterday.