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 (NYSE: BYD), 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.
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