Boyd Gaming initiated with a Buy at Roth Capital

Roth Capital analyst Edward Engel initiated coverage of Boyd Gaming with a Buy rating and $70 price target. The analyst views Boyd as a stable free cash flow compounder, where 80%-plus of free cash flow is directed to dividends/buy-backs. In the face of an uncertain macro, Boyd has a clean balance sheet, 1% dividend yield and is repurchasing 7%-plus of stock annually, Engel adds. Given its clean/simple story, consistent capital returns and 10%-plus free cash flow yield, the analyst sees Boyd capturing the attention of a broader investor base than typical gaming stocks.