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Home Business Deals

Boyd Gaming lands outperform rating from Credit Suisse

admin by admin
January 17, 2023
in Business Deals


Adam Calaitzis/iStock via Getty Images

Credit Suisse launched coverage on Boyd Gaming Corporation (NYSE:BYD) on Tuesday with an Outperform rating.

Analyst Benjamin Chaiken pointed to a growing opportunity for Boyd Gaming (BYD) in the iGaming industry. The two main pillars of the firm’s bullish view on the casino stock are robust/unappreciated growth driving upside to estimates and compelling valuation at 12.5X the 2024 free cash flow estimate.

As for revenue potential, Chaiken and team think strong Strip corporate business will spill over to support the downtown market for Boyd. Revenue upside is also seen from the relocation of the company’s Treasury Chest casino and the new Pala Interactive property.

Adding it all up, Credit Suisse assigned a price target of $82 to rep 37% upside potential. Shares of Boyd Gaming (BYD) were up 1.37% at 1:40 p.m. on Tuesday.

Sector watch: Investors eye Ohio sports betting launch and profitability narrative as calendar turns to 2023.



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