UPDATE: Bank of America Merrill Lynch Lowers PO on Boyd Gaming to $12

Bank of America Merrill Lynch is out with its report today on Boyd Gaming

, lowering its PO from $14 to $12. In a note to clients, Bank of America Merrill Lynch writes, "We've viewed BYD's strategic optionality (capacity to do a significantly deleveraging/accretive deal, hidden asset value in Dania and 85 LV Strip acres) as being underappreciated, but IP doesn't really add to our conviction level. We maintain our Buy rating, but lower our PO from $14 to $12 based on a lower target multiple (7.0x mid-cycle EBITDA plus Borgata vs. 8x prior) as credit flexibility is now reduced in a decelerating macro environment." Bank of America Merrill Lynch Maintains Buy on BYD. At the time of posting, shares of BYD were trading pre-market at $8.02, up 2.04% from Thursday's close.