CBRE Equity Research upgraded Boyd Gaming (BYD) to a Buy rating after having the casino stock set at Hold.
Analyst John DeCree and team still expect some economic impact on the consumer later this year, but Boyd Gaming (BYD) is seen being able to offset most of the tightening threat with the accelerating recovery of visitation and group business in Las Vegas. He also pointed to increasing EBITDA contribution from both Sky River and online gaming, both of which are exceeding the firm’s original forecasts. “Even with some conservatism in our new estimates, valuation remains accommodating for new buyers of the stock,” he noted.
CBRE hiked its price target on Boyd (BYD) to $75 from $62.
Roth Capital also came out even more constructive on Buy-rated Boyd following the earnings report. The firm boosted its price target to $74 based on higher estimates for 2023. Analyst Edward Engel said Boyd is finding ways to grow EBITDA independently of macro factors.
Deutsche Bank reiterated its Buy rating on BYD and price target of $72 on BYD.
Shares of Boyd Gaming (BYD) rose 4.81% premarket to $65.13.