Market Overview

UPDATE: Deutsche Bank Resumes Coverage on Boyd Gaming Corporation with Buy Rating

Share:
Related BYD
Vegas Strip Gaming Win Outpaces State Of Nevada In June
Previewing Casino Earnings: 'Q2 Was Good For Gaming Companies'

In a report published Friday, Deutsche Bank resumed coverage on Boyd Gaming Corporation (NYSE: BYD) with a Buy rating.

Deutsche Bank noted, “The acquisition of Peninsula Gaming is a significant positive for Boyd Gaming. With this transaction, Boyd Gaming has achieved material diversification of its portfolio from the local Las Vegas Locals market and has put in place a clear long-term plan to meaningfully de-lever the balance sheet, when the two entities ultimately combine. But for now, Peninsula Gaming will remain as an unrestricted subsidiary of Boyd Gaming and will pay management fees to the parent. It is important to note that the cost to Boyd to borrow the incremental $200 million that was used to complete the Peninsula transaction of approximately $12 million is significantly less than the management fee generated ($21 million).”

Boyd Gaming Corporation closed on Thursday at $5.34.

Latest Ratings for BYD

DateFirmActionFromTo
Aug 2017BarclaysMaintainsEqual-Weight
Jun 2017Morgan StanleyDowngradesOverweightEqual-Weight
Feb 2017Aegis CapitalInitiates Coverage OnBuy

View More Analyst Ratings for BYD
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Initiation Analyst Ratings

 

Related Articles (BYD)

View Comments and Join the Discussion!