Analyst Shaun Kelley of Bank of America Securities reiterated a Buy rating on Boyd Gaming (BYD – Research Report), with a price target of $85.00.
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Shaun Kelley has given his Buy rating due to a combination of factors emphasizing Boyd Gaming’s strong financial performance and prudent capital management. Boyd Gaming reported a solid Q4 performance with revenue and EBITDAR surpassing both Bank of America and market expectations, driven by strong results in Las Vegas Locals and better-than-anticipated Midwest & South margins. This indicates a robust operational execution across its diverse segments.
Additionally, Boyd Gaming’s significant share repurchases, amounting to nearly 10% of its market cap in 2024, and ongoing strategic investments like the Treasure Chest project in Louisiana highlight its effective capital allocation strategy. The company’s strong free cash flow and balance sheet further enable it to seize growth opportunities while maintaining asset reinvestment and shareholder value. These factors collectively reinforce the confidence in Boyd Gaming’s continued stability and market share gains, justifying the Buy rating.
Kelley covers the Consumer Cyclical sector, focusing on stocks such as Vail Resorts, Penn National Gaming, and DraftKings. According to TipRanks, Kelley has an average return of 3.2% and a 53.18% success rate on recommended stocks.
In another report released on February 4, Jefferies also reiterated a Buy rating on the stock with a $92.00 price target.