{"id":269153,"date":"2023-04-17T18:33:46","date_gmt":"2023-04-17T23:33:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=269153"},"modified":"2023-04-18T16:20:58","modified_gmt":"2023-04-18T21:20:58","slug":"boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/","title":{"rendered":"Boyd Gaming Revenue Could Pop on Regional Casino Strength"},"content":{"rendered":"

Boyd Gaming (NYSE: BYD) stock is on a tear this year, soaring 20.92%. But there could be upside to that performance due to strength in regional casinos.<\/p>\n

\"Boyd
Boyd Gaming’s Fremont Hotel Casino in downtown Las Vegas. A JPMorgan analyst is bullish on Boyd stock. (Image: Vegas Eater<\/em>)<\/figcaption><\/figure>\n

In a note to clients Monday, JPMorgan analyst Joseph Greff reiterated an \u201coverweight\u201d rating on the Orleans operator, with a $75 price target. That implies upside of 13.65 from today\u2019s close. As is the case with so many casino equities, Boyd\u2019s share price could be driven more by the broader economy than its own strong fundamentals<\/a>.<\/p>\n

While we continue to see BYD\u2019s share price (as well as the rest of our coverage universe\u2019s) trading more on macro trends (versus company-specific ones) in the near term, we see BYD as (at least) a relative outperformer within our U.S. gaming universe,\u201d<\/strong> wrote Greff.<\/p><\/blockquote>\n

The JPMorgan analyst also applauded Boyd for its strong balance sheet and commitment to shareholder rewards, including share buybacks. At the end of last year, the operator had $283.5 million cash on hand. In February, it announced an almost 7% increase<\/a> in its quarterly dividend.<\/p>\n

Regional, Las Vegas Duopoly Benefits<\/h2>\n

Boyd runs 10 gaming venues<\/a> in its home market, including Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Main Street Station, Sam\u2019s Town, Suncoast, and The Orleans.<\/p>\n

\n

Greff called the coveted Las Vegas locals market \u201ceffectively a duopolistic market with a relatively better demand environment.\u201d That implied duopoly is Boyd and rival Red Rock Resorts (NASDAQ: RRR), and it\u2019s hard to argue with that assertion, as those two firms combine to run more than 20 casinos in the Las Vegas Valley.<\/p>\n<\/div>\n

However, the major difference between the two is Boyd has operations in several states outside of Nevada — a trait not sported by Red Rock. That\u2019s to the benefit of the former because Greff expects Boyd to post first-quarter revenue of $440 million from its Midwest, South, and West operations, up from a forecast of $414 million.<\/p>\n

The analyst also modeled $14 million in sales from Boyd\u2019s digital unit and $15 million in management fees. The latter is tied to the company\u2019s management agreement with a tribal casino in Northern California.<\/strong><\/p>\n

Other Boyd Benefits<\/h2>\n

The Suncoast operator continues sporting healthy operating margins and robust free cash flow-generating capabilities, which are being directed to investors through buybacks and dividends<\/a>. Last year, Boyd allocated $600 million to shareholder rewards, buying back $107 million of its stock in the fourth quarter alone. The company said it has $239 million remaining on previously announced repurchase programs.<\/p>\n

As for the operator\u2019s Las Vegas locals and downtown casinos, that group is proving steady, though not necessarily overwhelming at the moment.<\/p>\n

“That segment is \u201cundemanding \u2026 nor have we changed our 2Q23-through-2024 estimates, and still see a relatively healthy and stable gaming consumer, with the only legitimate nit being the state of the low-end consumer,\u201d <\/strong>concluded Greff.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boyd Gaming (NYSE: BYD) stock is on a tear this year, soaring 20.92%. But there could be upside to that performance due to strength in regional casinos. In a note to clients Monday, JPMorgan analyst Joseph Greff reiterated an \u201coverweight\u201d rating on the Orleans operator, with a $75 price target. That implies upside of 13.65 […]<\/p>\n","protected":false},"author":46,"featured_media":224692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nBoyd Gaming Stock Earns Kudos From JPMorgan Analyst<\/title>\n<meta name=\"description\" content=\"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming Stock Earns Kudos From JPMorgan Analyst\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-17T23:33:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-18T21:20:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"1050\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/\",\"name\":\"Boyd Gaming Stock Earns Kudos From JPMorgan Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg\",\"datePublished\":\"2023-04-17T23:33:46+00:00\",\"dateModified\":\"2023-04-18T21:20:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg\",\"width\":1400,\"height\":1050,\"caption\":\"Boyd Gaming's Fremont Hotel Casino in downtown Las Vegas. The company's venues there contributed to strong Q1 results. (Image: Vegas Eater)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Boyd Gaming Revenue Could Pop on Regional Casino Strength\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Boyd Gaming Stock Earns Kudos From JPMorgan Analyst","description":"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Boyd Gaming Stock Earns Kudos From JPMorgan Analyst","og_description":"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.","og_url":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-04-17T23:33:46+00:00","article_modified_time":"2023-04-18T21:20:58+00:00","og_image":[{"width":1400,"height":1050,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/","url":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/","name":"Boyd Gaming Stock Earns Kudos From JPMorgan Analyst","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg","datePublished":"2023-04-17T23:33:46+00:00","dateModified":"2023-04-18T21:20:58+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Boyd Gaming stock endorsed on regional casino, Las Vegas locals strength.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/fremont.jpg","width":1400,"height":1050,"caption":"Boyd Gaming's Fremont Hotel Casino in downtown Las Vegas. The company's venues there contributed to strong Q1 results. (Image: Vegas Eater)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-stock-earns-kudos-from-jpmorgan-analyst\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Boyd Gaming Revenue Could Pop on Regional Casino Strength"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/269153"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=269153"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/269153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/224692"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=269153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=269153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=269153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}