As previously reported, BofA/Merrill upgraded Boyd Gaming to Neutral from Underperform and raised its price target to $18 from $12.50. The firm said Boyd is benefiting from improving regional gamine revenues and cost controls that should result in a Q2 beat but said low visibility in core and full valuation keep it from getting more constructive on shares.

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Mizuho lowered the firm's price target on Boyd Gaming to $78 from $80 and keeps a Buy rating on the shares. The company reported "underwhelming" Q1 results and Street numbers will move lower on slowing customer trends as well as worse than expected Durango commentary, the analyst tells investors in a research note.

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Reports Q1 revenue $960.5M, consensus $958.74M. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins. Additionally, our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders."