UPDATE: Sterne Agee Downgrades Boyd Gaming to Underperform
According to Sterne Agee, Boyd Gaming (NYSE: BYD) is downgraded to Underperform.
Sterne Agee said that it is lowering its rating to Underperform from Neutral and its target price to $6.70 from $7.00. “Our valuation utilizes between 7x and 8x target multiples for BYD's operating divisions (averaging ~7.5x), $188m of value for its major non-producing assets (Echelon and Dania), less net debt, divided by shares out.”
Boyd Gaming closed yesterday at $8.99.
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