Raymond James analyst RJ Milligan initiated coverage of Boyd Gaming with an Outperform rating and $67 price target as part of a broader research note on U.S. Gaming operators. The group’s disappointing Q1 results, macro headwinds, and weaker than expected digital performance have created “compelling” valuations, and while there are headwinds in both Las Vegas and the Regionals, the stocks are pricing in significantly worse fundamentals vs. reality, the analyst tells investors in a research note. Raymond James adds that for Boyd Gaming, while the firm sees Q2 as “another challenging quarter” following a “disappointing” Q1, it also sees the current valuation “already reflecting that and some”.
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