#2 - Boyd Gaming (NYSE:BYD)
Boyd Gaming (NYSE:BYD) has started to open several of its properties. In the week of May 18, Boyd plans to open seven out of its 24 facilities. And while this will only cover two out of the seven states that the company operates in, the stock was climbing nearly 20% in the three trading days beginning May 18.
This means that BYD stock has shrugged off the 6% decline it suffered after reporting its first-quarter earnings. Boyd delivered $181 million in revenue from its Las Vegas properties and $446 million from its Midwest/South properties. This was below the $215 million and $517 million that analysts had projected.
Boyd has more than just its casino revenue to rely on. The company does have a 5% ownership stake in FanDuel. This will allow the company to take advantage of the fantasy sports market to see a rebirth when live sports return. That will also be a lift to the company’s sportsbooks that they operate in many of its casinos.
The company also has market access agreements that allow it to offer online and mobile gaming platforms in U.S. jurisdictions where the company has online licenses.
Despite the recent surge, BYD stock is down more than 30% for the year. Bank of America (NYSE:BAC) stock a $34 price target for BYD stock.
About Boyd Gaming
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.
Read More - Current Price
- $53.18
- Consensus Rating
- Hold
- Ratings Breakdown
- 4 Buy Ratings, 6 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $72.20 (35.8% Upside)
