Published on: December 17, 2024, 08:44h.
Last updated on: December 17, 2024, 09:03h.
Shares of Boyd Gaming (NYSE: BYD) surged after an analyst upgraded the stock.
Analyst John Staszak from Argus raised the rating on Boyd Gaming to “buy” from “hold” with a price target of $90 over the next 12 months.
The long-term outlook for Boyd Gaming includes increasing operating margins and substantial growth potential, especially in Las Vegas and regional casinos,” stated Staszak. “Our estimated long-term earnings growth rate is 12%.
Boyd Gaming operates 10 gaming venues in Las Vegas and regional casinos across several states.
Strong Performance in Las Vegas and Other Markets
Boyd Gaming dominates the Las Vegas casino market and continues to grow in other regions.
Positive trends in Las Vegas and regional casinos were highlighted by Staszak, citing increased foot traffic at various locations, including the Ameristar St. Charles and the Gold Coast.
Boyd Gaming’s expansion efforts include a new casino hotel in Norfolk, Va., and plans for the Cadence Crossing Casino in Las Vegas to stay competitive in the local market.
Benefits from FanDuel Stake
Boyd Gaming’s stake in FanDuel has been a valuable asset, with the company owning 5% of the popular online sportsbook operator.
The partnership with FanDuel has been beneficial to Boyd Gaming, with the potential for further growth in the sports betting sector.
Boyd Gaming is one of the top-performing gaming stocks in 2024, with a year-to-date gain of 17.81%.