BYD Company Limited

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Slightly Bullish +25

Boyd Gaming (NYSE:BYD) Price Target Raised to $93.00

📈 JPMorgan Chase raised its price target for Boyd Gaming from $90.00 to $93.00 while maintaining a neutral rating.

📊 Citigroup increased its target price to $90.00 and Texas Capital upgraded the stock to a strong buy rating.

💰 Benchmark initiated coverage with a buy rating and a $100.00 price objective for Boyd Gaming.

📉 Goldman Sachs initiated coverage with a neutral rating and a $91.00 target price.

📉 The company reported Q2 EPS of $1.60, missing the consensus estimate of $1.76 by $0.16.

💵 Revenue for the quarter was $997.36 million, slightly below the analyst expectation of $1.04 billion.

📈 Revenue grew 0.6% year-over-year to reach nearly $1 billion for the quarter.

🏦 Boyd Gaming reported a strong return on equity of 25.63% and a net margin of 44.84%.

💸 Analysts forecast full-year EPS of $7.23 for the current year.

📅 A quarterly dividend of $0.20 was paid on July 15th with an annualized yield of 0.9%.

🔄 The Board authorized a new stock buyback plan permitting the repurchase of up to $500 million in shares.

📉 Chairman Marianne Boyd Johnson sold 62,914 shares worth approximately $5.3 million on May 5th.

📉 CEO Keith Smith sold 100,000 shares worth approximately $8.6 million on June 3rd.

🏛️ Total insider sales during the quarter reached 200,000 shares valued at over $17 million.

🏢 Institutional ownership remains high with hedge funds and other investors holding 76.81% of the stock.

Bullish Signals
  • JPMorgan Chase raised its price target to $93.00, indicating continued institutional interest despite a neutral rating.
  • Texas Capital upgraded Boyd Gaming to a strong buy rating, signaling confidence in the company's prospects.
  • Benchmark initiated coverage with a buy rating and a high $100.00 price target, suggesting potential upside.
  • The company maintains robust profitability with a 25.63% return on equity and a 44.84% net margin.
  • Boyd Gaming authorized a $500 million stock buyback program, signaling management's belief that shares are undervalued.
  • Revenue grew 0.6% year-over-year to nearly $1 billion, demonstrating steady business performance.
  • Significant institutional buying occurred in the fourth quarter from major firms like Northwestern Mutual and Jefferies Financial Group.
Risk Factors
  • Boyd Gaming missed quarterly earnings estimates by $0.16 per share, reporting $1.60 EPS against a consensus of $1.76.
  • Revenue of $997.36 million fell short of analyst expectations of $1.04 billion for the quarter.
  • Insider selling was substantial, with Chairman and CEO combined sales exceeding $13 million in the quarter.
  • Mizuho reduced its price target from $99.00 to $96.00, reflecting some caution among analysts.
  • The consensus rating remains Hold with a price target of $94.15, which is below the highest analyst targets.
Full Analysis
Boyd Gaming (NYSE:BYD) is the subject of a recent analyst price target increase to $93.00 by JPMorgan Chase, which maintains a neutral rating. Other major institutions have also weighed in recently; Citigroup raised its target to $90.00 with a neutral rating, Texas Capital upgraded the stock to a strong buy, Mizuho lowered its target to $96.00 but kept an outperform rating, and Benchmark initiated coverage with a buy rating at $100.00. Goldman Sachs also initiated with a neutral rating at $91.00. The consensus rating remains Hold with a price target of $94.15. In its latest quarterly earnings released on April 23rd, Boyd Gaming reported EPS of $1.60, missing the consensus estimate of $1.76 by $0.16. Revenue came in at $997.36 million, slightly below the expected $1.04 billion, representing a modest 0.6% year-over-year increase. Despite the miss, the company demonstrated strong profitability metrics with a return on equity of 25.63% and a net margin of 44.84%. Analysts predict full-year EPS of $7.23. The company announced a quarterly dividend paid on July 15th to shareholders of record as of June 15th, amounting to $0.20 per share, which annualizes to $0.80 and yields 0.9%. Additionally, the Board authorized a $500 million stock buyback program, allowing the repurchase of up to 7.7% of outstanding shares. However, insider activity saw significant selling, with Chairman Marianne Boyd Johnson and CEO Keith Smith reducing their holdings by 3.76% and 9.12% respectively, totaling over $17 million in sales during the quarter.