{"id":143175,"date":"2020-07-29T10:02:34","date_gmt":"2020-07-29T17:02:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=143175"},"modified":"2020-07-29T11:35:00","modified_gmt":"2020-07-29T18:35:00","slug":"boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/","title":{"rendered":"Boyd Soars Following Surprising Financial Update, Analyst Sees ‘Three Team Parlay’ Propelling Stock"},"content":{"rendered":"

Boyd Gaming (NYSE:BYD) stock is higher by nine percent in midday trading. That’s after the regional gaming company delivered second-quarter results late Tuesday that were significantly less bad than Wall Street expected. It prompted one analyst to wax bullish on the name today.<\/p>\n

\"Boyd
Boyd’s Main Street Station in Las Vegas. Analysts are enthusiastic about the stock following a surprising Q2 update. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

The Sam’s Town operator said it lost 96 cents a share<\/a> on revenue of $209.68 million in the June quarter. But those numbers were far better than the $1.45 loss on turnover of $199.61 million forecast by analysts, indicating there are green shoots for some regional gaming equities.<\/p>\n

In the current, trying operating environment for gaming companies, \u201cless bad\u201d can be interpreted as \u201cgood,\u201d and that may be the case with Boyd stock Wednesday. The name is flirting with its highest levels since early June after Stifel analyst Steven Wieczynski reiterated a \u201cbuy\u201d rating on the shares with a $28 price estimate. He points to a \u201cthree team parlay\u201d scenario propping up the stock going forward.<\/p>\n

We expect three items to carry shares sharply higher in the near-term: Broadly better than expected 2Q20 margin\/operating performance, lower than projected 2Q20 cash burn, and management commentary indicating the strong June operating performance has continued into July,” <\/strong>Wieczynski said.<\/span><\/p><\/blockquote>\n

Boyd stock is higher by 31 percent over the past 90 days, but still resides 33.49 percent below its 52-week high.<\/span><\/p>\n

Margin Improvement, Regional Drivers<\/span><\/h2>\n

Boyd operates a dozen casinos in its home market of Las Vegas, nine of which reopened early last month. The company’s ability to drive margin improvement in the Las Vegas locals (LVL) segment and at its properties in the Midwest and the South (MW\/S) is one reason for the ebullient post-earnings reaction.<\/span><\/p>\n

\u201cBYD was able to produce margin improvement in excess of 1,000bps across its MW\/S and LVL portfolio from the date upon which the respective properties opened through the end of 2Q20,\u201d said Wieczynski.<\/span><\/p>\n

\n

Strength in the LVL demographic is notable because Strip operators’ recovery efforts are being hindered by a lack of business traffic, leading to low weekday occupancy rates, and the reluctance of many travelers to board planes until a coronavirus vaccine<\/a> is available. Those issues underscore the importance of Boyd’s regional portfolio as a vital contributor to the equity’s long-term performance.<\/span><\/p>\n<\/div>\n

Boyd ended the quarter with $1.31 billion in cash and said that 25 of the 26 properties it reopened since May generated positive free cash flow (FCF). The California Hotel and Casino in downtown Las Vegas is the exception<\/strong>.<\/span><\/p>\n

Real Estate, Sports Betting <\/span><\/h2>\n

Other points in Boyd’s favor include its real estate ownership and the emerging US sports betting market, the latter of which is often cited as a catalyst<\/a> for an array of regional operators.<\/span><\/p>\n

The company owns nearly all of the real estate associated with its 29 gaming venues, giving it a possible monetization lever to pull if needed. In sports betting, Boyd partners with FanDuel, an approach Wieczynski notes should pay off over the long-term.<\/span><\/p>\n

\u201cFinally, while others are taking a more aggressive tack to address the emerging US sports betting opportunity, we actually like BYD\u2019s approach, as the company has partnered with one of the pre-eminent brands\/operators to ‘run’ its B2C-facing sports betting operations,\u201d<\/strong> said the analyst.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Boyd Gaming (NYSE:BYD) stock is higher by nine percent in midday trading. That’s after the regional gaming company delivered second-quarter results late Tuesday that were significantly less bad than Wall Street expected. It prompted one analyst to wax bullish on the name today. The Sam’s Town operator said it lost 96 cents a share on […]<\/p>\n","protected":false},"author":46,"featured_media":143178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nBoyd Is Soaring and an Analyst Sees Multiple Drivers for More Upside<\/title>\n<meta name=\"description\" content=\"Boyd Gaming is on the mend and at least one analyst sees multiple factors contributing to more upside for the regional gaming name.\" \/>\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 Is Soaring and an Analyst Sees Multiple Drivers for More Upside\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming is on the mend and at least one analyst sees multiple factors contributing to more upside for the regional gaming name.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/\" \/>\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=\"2020-07-29T17:02:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-29T18:35:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/\",\"name\":\"Boyd Is Soaring and an Analyst Sees Multiple Drivers for More Upside\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd2.jpg\",\"datePublished\":\"2020-07-29T17:02:34+00:00\",\"dateModified\":\"2020-07-29T18:35:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Boyd Gaming is on the mend and at least one analyst sees multiple factors contributing to more upside for the regional gaming name.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-is-soaring-and-an-analyst-sees-multiple-drivers-for-more-upside\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd2.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Boyd's Main Street Station in Las Vegas. 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