Truist Revises Boyd Gaming Target

In a recent adjustment, Truist analyst Barry Jonas has updated Boyd Gaming’s price target from $92 to $85 while retaining a Buy recommendation on the company’s shares. This reevaluation arises from observed challenges in the Las Vegas gaming sector.

Notably, the Las Vegas Strip experienced a decline of 14% in gross gaming revenue compared to the previous year. The downturn is attributed to the previous year’s comparison with the Super Bowl event, reduced baccarat and table game revenue, and one less calendar day this year.

Despite current concerns, Truist remains optimistic about the potential for revenue recovery. The firm’s analysis reflects a future-focused outlook with expectations for subsequent improvements in Las Vegas’s gaming market performance.