Boyd Gaming upgraded to Buy from Hold at Stifel
Stifel analyst Steven Wieczynski upgraded Boyd Gaming to Buy while lowering his price target for the shares to $33 from $37. The analyst views the recent multiple contraction across the Gaming & Leisure operators group as "misguided." After stress testing his model for Boyd Gaming and taking a more conservative approach to out year estimates, the analyst says he's still able to "identify a compelling enough upside case to support an upgrade." Wieczynski sees an "outsized opportunity" for cost-driven margin improvement across the Boyd portfolio. Successful execution of the company's "multi-faceted capital allocation" should accelerate the re-rating in the shares' trading multiple, says the analyst.