Golden Entertainment price target lowered to $35 from $36 at JMP Securities

JMP Securities lowered the firm’s price target on Golden Entertainment to $35 from $36 and keeps an Outperform rating on the shares. Gaming has been a mixed bag year-to-date, with large-cap gaming and regional gaming flat and down 9%, respectively, while online gaming continues to have a more favorable backdrop, the analyst tells investors in a research note. Companies with exposure to the Las Vegas Locals market, including Golden, have seen shares underperform total gaming in recent months as summer heat and seasonality have impacted gambling foot traffic across the market, but management believes it is nearing stability across its portfolio starting in Q4, with renovations nearly complete at Arizona Charlie’s Decatur, Atomic Golf improving foot traffic, and the U.S./Nevada unemployment rates stable.