UPDATE: Deutsche Bank Reiterates On Boyd Gaming On Expected Near-Term Pressure

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Boyd Gaming BYD, but lowered the price target from $11.00 to $9.00. In the report, Deutsche Bank noted, “While low expectations have again been lowered and the challenges facing regional markets are again brought loudly front and center, we find current valuation, largely supported by a lofty free cash flow to equity yield, provide support. That said, given what we assume will be 3-5% negative estimate revision to Consensus forecasts on a levered equity, we expect shares to come under pressure in the near term. We have lowered our price target to $9 from $11 on lower 2014 and 2015 EBITDA. Our Hold rating is unchanged. Maintain Hold.” Boyd Gaming closed on Thursday at $11.00.