UPDATE: Credit Suisse Reinstates Coverage on Boyd Gaming Corporation with Outperform Rating, $7 PT
In a report published Wednesday, Credit Suisse Group reinstated coverage on Boyd Gaming Corporation (NYSE: BYD) with an Outperform rating and $7.00 price target.
Credit Suisse noted, “Following the closure of the Peninsula acquisition, we are reinstating coverage with an OP rating. Peninsula expands the company's regional gaming exposure and positions BYD to benefit from a domestic consumer recovery. Our $7 target is based on a multiple of 7.5x our 2014 core operations and 7.0x Borgata EBITDA, discounted back.”
Boyd Gaming Corporation closed on Tuesday at $5.48.
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