Boyd Gaming Corporation (BYD) shares are trading more than 9% lower on Friday in pre-market hours. The decline comes after the company reported second-quarter earnings that fell short of expectations. Earnings per share, excluding non-recurring items, came in at $0.05 per share, missing by $0.03 the street’s consensus estimates. Revenues fell to $722.5 million versus the $731.82 million consensus. Following the co.’s disappointing 2Q results, analysts at Credit Suisse (CS) downgraded Boyd Gaming shares to ‘Neutral’ from ‘Outperform’, and lowered their price target to $10.00 from $16.00. CS’s new PT points to a potential downside of 37.50% from the stock’s current price-per-share.
A number of other analysts have also come out with reports about the name. In a note this morning, analysts at Nomura, Brean Capital, and Wells Fargo (WFC) reiterated their ‘Neutral’, ‘Hold’, and ‘Buy’ rating on the shares of the gaming company, respectively. Separately, Credit Suisse downgraded its ‘Outperform’ rating to a ‘Neutral’ rating in a research note issued to investors on August 1st. Finally, analysts at Deutsche Bank (DB) maintained a ‘Hold’ rating on BYD in a research note on Tuesday, July 1, placing a price target of $11.00.
Boyd Gaming Corporation currently trades at forward P/E of 31.43. The median Wall Street price target on the company’s stock is $10.00 with a high target of $16.00.
Profitability-wise the company’s trailing-12 profit margin currently is in the red at (2.76%) while operating ones are at less than 10%. The $1.19 billion market cap company reported $163.28 million in cash vs. $4.33 billion in debt in its most recent quarter. BYD has a 52 week low of $9.11 and a 52 week high of $14.75. The stock’s 50-day moving average is $11.57 and its 200-day moving average is $11.53.
The chart below shows where the equity has traded over the last 52 weeks, with the 50-day and 200-day MAs included.
In today’s session, the equity is changing hands at $10.00 a share. BYD is down 1.87% year-over-year, and down 2.31% year-to-date.
Boyd Gaming Corporation operates as a multi-jurisdictional gaming company in the United States. The company was founded in 1988 and is headquartered in Las Vegas, Nevada.