As previously reported, Morgan Stanley analyst Thomas Allen upgraded Boyd Gaming to Overweight from Equal Weight, noting that despite a healthy fundamental backdrop for consumers the stock is trading below its long-term average multiple. Given that his firm's economists expect a healthy consumer backdrop in 2019, along with a record level of tax refunds, he has become more bullish on U.S. regional Gaming, Allen tells investors. He believes the market has overreacted to leverage concerns and he sees upside to 2019 EBITDA estimates for Boyd, he added. However, Allen lowered his price target on Boyd shares to $31 from $35.

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."