BofA raised the firm’s price target on Boyd Gaming to $72 from $68 and keeps a Buy rating on the shares after the Norfolk City Council voted last Tuesday to approve a new casino by the Pamunkey Indian Tribe and Boyd. While details are pending, the firm is positive on this news as an important growth catalyst for Boyd, while also highlighting the “very strong demographics” in the Norfolk/Hampton area and an attractive Virginia tax rate. The firm cites a modest improvement in peer valuations and Boyd’s FanDuel stake for its price target hike.
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