These Analysts Revise Their Forecasts On Boyd Gaming After Q1 Results

Boyd Gaming Corp (NYSE:BYD) on Thursday reported worse-than-expected first-quarter financial results and announced a $500 million buyback plan.

Boyd Gaming reported quarterly earnings of $1.60 per share which missed the analyst consensus estimate of $1.73 per share. The company reported quarterly sales of $997.355 million which missed the analyst consensus estimate of $1.000 billion.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment.”

Boyd Gaming shares fell 6.1% to trade at $83.66 on Friday.

These analysts made changes to their price targets on Boyd Gaming following earnings announcement.

• Stifel analyst Steven Wieczynski maintained Boyd Gaming with a Hold and lowered the price target from $95 to $91.
• JP Morgan analyst Daniel Politzer maintained the stock with a Neutral and raised the price target from $89 to $90.
• Mizuho analyst Ben Chaiken maintained Boyd Gaming with an Outperform rating and lowered the price target from $99 to $96.

Considering buying BYD stock? Here’s what analysts think:

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