JMP Securities lowered the firm’s price target on Golden Entertainment to $36 from $39 and keeps an Outperform rating on the shares. Golden saw persistent weakness at the lower end of its database, contributing to EBITDA missing consensus expectations in the quarter as well as contributing to same-store EBITDA decline in 1H24, the analyst tells investors in a research note. The company has downsized the portfolio and lost some of its scale benefits along the way, leading to margin erosion in recent quarters, and JMP expects these trends to bottom in the back half of the year as it reaps the benefits of the growth initiatives it has taken over the prior years.
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