Stifel raised its price target on Boyd Gaming (NYSE:BYD) from $71 to $76 while maintaining a Buy rating, reflecting growing confidence in the company’s ability to weather macroeconomic uncertainty and competitive pressures.
Following meetings with Boyd’s leadership during its annual Cross Sector Insights Conference, Stifel emphasized the consistent performance across the company’s properties. While spending from lower-tier retail customers has remained flat at subdued levels, activity among core players continues to grow. In Boyd’s Local Video Lottery (LVL) segment, the firm acknowledged some broader market softness and heightened competition but noted that year-over-year comparisons appear to be stabilizing.
Stifel also pointed to Boyd’s low-leverage balance sheet as a strength, particularly in the current environment. The increased price target now accounts for a larger expected contribution from the company’s equity stake in FanDuel, reinforcing Boyd’s positioning as a solid long-term play in the regional gaming space.
