Deutsche Bank Reiterates “Buy” Rating for Boyd Gaming (NYSE:BYD)

Boyd Gaming (NYSE:BYD)‘s stock had its “buy” rating reaffirmed by investment analysts at Deutsche Bank in a research note issued to investors on Wednesday, AnalystRatings.com reports. They presently have a $40.00 price objective on the stock. Deutsche Bank’s target price points to a potential upside of 57.39% from the stock’s current price.

Several other brokerages have also issued reports on BYD. ValuEngine lowered Boyd Gaming from a “hold” rating to a “sell” rating in a research note on Thursday, July 11th. Susquehanna Bancshares started coverage on Boyd Gaming in a research note on Wednesday, July 24th. They issued a “neutral” rating and a $28.00 target price for the company. Telsey Advisory Group raised Boyd Gaming from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $31.00 to $36.00 in a research note on Wednesday. Morgan Stanley set a $34.00 target price on Boyd Gaming and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Wolfe Research started coverage on Boyd Gaming in a research report on Friday, June 14th. They issued an “outperform” rating and a $37.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Boyd Gaming currently has an average rating of “Buy” and an average target price of $35.00.

BYD traded down $0.44 during midday trading on Wednesday, hitting $25.42. The stock had a trading volume of 371,987 shares, compared to its average volume of 876,781. The stock has a market capitalization of $3.10 billion, a P/E ratio of 19.11, a P/E/G ratio of 1.07 and a beta of 2.13. The company’s fifty day moving average is $26.79. The company has a debt-to-equity ratio of 4.08, a quick ratio of 0.68 and a current ratio of 0.72. Boyd Gaming has a 1 year low of $18.98 and a 1 year high of $37.39.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Tuesday, July 30th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.01). The firm had revenue of $846.13 million during the quarter, compared to analysts’ expectations of $839.64 million. Boyd Gaming had a return on equity of 13.57% and a net margin of 4.18%. The firm’s quarterly revenue was up 37.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. On average, research analysts expect that Boyd Gaming will post 1.74 EPS for the current year.

Several institutional investors have recently made changes to their positions in BYD. FMR LLC raised its position in shares of Boyd Gaming by 20.0% during the 1st quarter. FMR LLC now owns 7,182,207 shares of the company’s stock worth $196,506,000 after purchasing an additional 1,198,851 shares during the last quarter. Norges Bank acquired a new position in shares of Boyd Gaming during the 4th quarter worth approximately $19,594,000. Pinnacle Associates Ltd. raised its position in shares of Boyd Gaming by 19.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,318,599 shares of the company’s stock worth $36,077,000 after purchasing an additional 213,855 shares during the last quarter. First Republic Investment Management Inc. raised its position in shares of Boyd Gaming by 654.7% during the 1st quarter. First Republic Investment Management Inc. now owns 224,783 shares of the company’s stock worth $6,150,000 after purchasing an additional 195,000 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Boyd Gaming during the 2nd quarter worth approximately $5,241,000. Institutional investors own 66.43% of the company’s stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of March 13, 2019, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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Analyst Recommendations for Boyd Gaming (NYSE:BYD)

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