UPDATE: Sterne Agee Reiterates Neutral Rating, Lowers PT on Boyd Gaming

In a report published Wednesday, Sterne Agee Group reiterated its Neutral rating on Boyd Gaming Corporation

, but slightly lowered its price target from $6.70 to $6.20. Sterne Agee noted, “Each division missed our estimates with LV Locals leading the charge (BYD's largest flow-through & LT upside opportunity, according to bulls). Its AC portfolio remains concerning while Midwest & South is solid, yet uninspiring. However, we believe upcoming market diversity; EPS and FCF accretion via its Peninsula acquisition keeps shares range-bound from here.” Boyd Gaming Corporation closed on Tuesday at $5.48.