Analyst Stephen Grambling of Morgan Stanley maintained a Hold rating on Boyd Gaming, boosting the price target to $84.00.
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Stephen Grambling has given his Hold rating due to a combination of factors impacting Boyd Gaming’s financial performance. The company’s third-quarter results showed a mixed performance with consolidated revenues surpassing expectations, driven by strong regional and digital segments. However, the sale of FanDuel negatively affected the overall EBITDAR, which was down year-over-year, although it still managed to exceed consensus estimates.
Despite the positive trends in regional and digital segments, there were notable weaknesses in the Las Vegas Locals segment, particularly at the Orleans, which underperformed expectations. This was partially offset by the company’s ongoing share buyback program, which provides a significant return to shareholders. Given these mixed signals, Grambling’s Hold rating reflects a cautious stance, acknowledging the potential for both upside and downside in the near term.
In another report released today, Barclays also maintained a Hold rating on the stock with a $87.00 price target.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BYD in relation to earlier this year.