Deutsche Bank analyst Carlo Santarelli maintained a Buy rating on Boyd Gaming (BYD – Research Report) today and set a price target of $78.00.
Carlo Santarelli has given his Buy rating due to a combination of factors including Boyd Gaming’s performance and future outlook. The company’s strong fourth-quarter results exceeded expectations in all three primary segments, which is a promising indicator of its financial health. Santarelli highlights the company’s positive management tone regarding the outlook for 2024, despite acknowledging some areas of caution. The report suggests that the company is navigating potential challenges prudently without excessively downplaying its prospects.
Additionally, the analyst finds several aspects of Boyd Gaming’s strategy and market position encouraging, such as moderated cost pressures, growth in non-gaming segments, and a solid customer base in the Las Vegas locals market. The report also notes that the smallest declines in retail gaming since early 2023 and anticipated lapsing of insurance and labor cost increases in the second half of 2024 bode well for the company’s financial trajectory. While potential M&A activity is deemed unlikely in the near term, the overall assessment points to a conservative yet optimistic outlook for Boyd Gaming, justifying the Buy rating.
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Boyd Gaming (BYD) Company Description:
Boyd Gaming Corp. engages in the management and operation of gaming and entertainment properties. It operates through the following segments: Las Vegas Locals, Downtown Las Vegas; and Midwest and South. The Las Vegas Locals segment consists of casinons that serve the resident population of the Las Vegas metropolitan area. The Downtown Las Vegas segment comprises of the following casinos: California Hotel and Casino, Fremont Hotel and Casino, and Main Street Station Casino, Brewery and Hotel. The Midwest &and South segment operates land-based casinos, dockside riverboat casinos, racinos, and barge-based casinos in the Midwest and southern United States. Its portfolio includes hotels, casino, breweries, resorts, and spa. The company was founded by William Samuel Boyd and Sam Boyd on January 1, 1975 and is headquartered in Las Vegas, NV.
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