Morgan Stanley downgraded Boyd Gaming (BYD) to Equal Weight from Overweight with a price target of $81, down from $82. The firm says its thesis has played out over the past two quarters as the stock has re-rated, leading to outperformance versus the peer group. From here, the analyst sees a more balanced risk/reward. Boyd’s valuation is still not demanding, but peers have becoming more depressed, plus underlying fundamentals in the Las Vegas locals market appears more depressed versus initial assumptions, the analyst tells investors in a research note.
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