Boyd Gaming downgraded to Neutral at Susquehanna on Las Vegas revenue headwinds

As previously reported, Susquehanna downgraded Boyd Gaming to Neutral from Positive with a price target of $75, down from $84, as the firm expects revenue headwinds in 2024 in its “most valuable segment” of Las Vegas Locals without a notable offset in its other segments. While the firm expects Boyd’s cost control to remain “exceptional,” it thinks there’s a ceiling on the stock if its primary value drivers are maximizing yield and capital returns, the analyst tells investors.