In a note released Wednesday morning, Morgan Stanley analyst Thomas Allen downgraded shares of Boyd Gaming Corporation BYD from Overweight to Equal-weight and lowered the price target from $12 to $11.
The downgrade is based on a slower-than-expected ramp in the U.S. online gaming sector. Allen has lowered his estimates for 2017 and 2020 from $3.5 billion and $8 billion to $1.3 billion and $5 billion, respectively. For the same time periods, Allen is forecasting seven and 20 states to be live.
"While we downgrade BYD partially because the US online benefit is less than we had hoped, we believe the US online opportunity still exists and there is minimal value in stocks today from it," Allen commented.
Share were last down 3.4 percent in the premarket.
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