Boyd Gaming downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Jordan Bender downgraded Boyd Gaming to Market Perform from Outperform without a price target. The company’s assets have underperformed industry growth post-pandemic, and a lack of catalysts heading into 2023 make the shares fairly valued, Bender tells investors in a research note. Boyd has the foundation in place for growth in future years, including an online platform and a solid balance sheet, but there is limited upside to estimates in the medium-term, says the analyst. He finds other gaming names better positioned in the current environment.