Stifel raises Boyd Gaming stock price target to $76 from $71

On Thursday, analysts at Stifel raised the price target for Boyd Gaming (NYSE:BYD) stock to $76 from $71, while maintaining a Buy rating. Currently trading at $73.70 with a market capitalization of $6 billion, Boyd Gaming has attracted analyst targets ranging from $71 to $88. The decision follows a recent conference where Boyd Gaming’s management team was hosted, highlighting trends across the company’s properties.

Stifel’s report noted that Boyd Gaming has shown consistency in its performance, reflected in its impressive 61.6% gross profit margins and 6% year-over-year revenue growth. Nationwide, the retail customer segment has remained stable, while spending from core customers continues to rise. In the Local and Video Lottery (LVL) segment, there has been some market-wide softness and increased competition. However, the retail segment is stabilizing, and core customer growth remains strong. According to InvestingPro, the company maintains a "GOOD" financial health score, with 8 additional exclusive insights available to subscribers.

Boyd Gaming’s low-levered balance sheet positions it as a strong regional gaming operator, especially in the current uncertain macroeconomic environment. The analysts noted that Boyd Gaming’s FanDuel equity stake is now contributing more significantly to the company’s valuation.

The updated price target reflects these positive factors, as Stifel sees Boyd Gaming as well-positioned in the gaming industry. The analysts emphasized the company’s ability to navigate the current market conditions effectively.

In other recent news, Boyd Gaming Corporation has reported strong financial results for the first quarter of 2025, surpassing both earnings and revenue expectations. The company achieved an earnings per share (EPS) of $1.62, which exceeded the anticipated $1.55, and reported revenues of approximately $991.57 million, outpacing the forecasted $977.18 million. Additionally, Boyd Gaming’s EBITDA reached $361.3 million, surpassing both Mizuho (NYSE:MFG)’s projection of $349.4 million and the Street’s forecast of $352.4 million. The Downtown segment of Boyd Gaming also exceeded expectations with $20.9 million, outperforming both Mizuho’s and the Street’s estimates.

Mizuho Securities expressed confidence in Boyd Gaming by raising the company’s stock price target to $86 from $83, maintaining an Outperform rating. Analyst Ben Chaiken noted that Boyd Gaming’s business trends remained stable despite broader industry challenges and minimal disruptions to its construction and development cycle. Furthermore, Boyd Gaming repurchased $328 million worth of shares during the quarter, enhancing its financial flexibility. The company continues to focus on strategic property developments and online segment growth, which are key performance drivers. Boyd Gaming’s management has highlighted its strong balance sheet and commitment to a $100 million quarterly share repurchase program.

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