Boyd Gaming downgraded to Hold from Buy at Stifel

Stifel downgraded Boyd Gaming to Hold from Buy with a price target of $69, down from $78. Regional gaming sales trends “remain muted,” says the analyst, who sees further risk to spending and visitation patterns heading into 2024 given “deplenished” excess savings and lagged tightening effects. Based on trends to-date, softness in spending will remain most impactful for lower income players in certain markets within the South and Midwest – both regions where Boyd has meaningful exposure, the analyst tells investors in a research note.