Texas Capital Initiates Buy Rating on Boyd Gaming
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: seekingalpha
- Positive Market Outlook: Texas Capital analyst David Bain believes that Boyd Gaming (BYD) is poised for a growth inflection in the Las Vegas Locals segment by late 2026, despite contributions from its Midwest and South divisions being more significant, indicating that Las Vegas performance will dictate stock sentiment.
- Diverse Growth Potential: Bain forecasts that all five of Boyd's divisions will grow by year-end for the first time in years, with each turn of multiple valued at approximately $13 per share, highlighting the company's potential value in the market.
- Management Team Advantage: Boyd's disciplined, ROI-focused management team is expected to effectively execute on opportunistic asset sales related to Caesars (CZR), further enhancing the company's financial performance and market position.
- Attractive Valuation: Bain noted that Boyd trades at 7.2X/6.7X traditional EV/EBITDA, significantly below its peers and its ~10X pre-COVID average, indicating strong investment appeal, with Texas Capital assigning a price target of $106.
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Analyst Views on BYD
Wall Street analysts forecast BYD stock price to rise
11 Analyst Rating
4 Buy
7 Hold
0 Sell
Moderate Buy
Current: 88.380
Low
84.00
Averages
93.70
High
110.00
Current: 88.380
Low
84.00
Averages
93.70
High
110.00
About BYD
Boyd Gaming Corporation is a gaming company. The Company operates over 27 brick-and-mortar gaming entertainment properties. It owns and operates Boyd Interactive, a business-to-business (B2B) and business-to-consumer (B2C) online casino gaming business. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The Las Vegas Locals segment consists of eight casinos in the Las Vegas metropolitan area. The Downtown Las Vegas segment consists of California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. Its Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in ten states, predominantly in the Midwest and southern United States. The Online segment includes its online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Reaction: This sell-off could lead to a decline in investor confidence in the company's stock, particularly in the current market environment where investors are highly sensitive to executive actions and their implications.
- Shareholding Structure Change: With Keith Smith's sell-off, the company's shareholder structure may change, potentially impacting corporate governance and decision-making processes, especially when executive ownership is low during critical decisions.
- Uncertain Future Outlook: The executive sell-off may create doubts in the market regarding the company's growth potential, particularly when stable leadership and shareholder support are crucial for driving long-term strategic initiatives.
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- Positive Market Outlook: Texas Capital analyst David Bain believes that Boyd Gaming (BYD) is poised for a growth inflection in the Las Vegas Locals segment by late 2026, despite contributions from its Midwest and South divisions being more significant, indicating that Las Vegas performance will dictate stock sentiment.
- Diverse Growth Potential: Bain forecasts that all five of Boyd's divisions will grow by year-end for the first time in years, with each turn of multiple valued at approximately $13 per share, highlighting the company's potential value in the market.
- Management Team Advantage: Boyd's disciplined, ROI-focused management team is expected to effectively execute on opportunistic asset sales related to Caesars (CZR), further enhancing the company's financial performance and market position.
- Attractive Valuation: Bain noted that Boyd trades at 7.2X/6.7X traditional EV/EBITDA, significantly below its peers and its ~10X pre-COVID average, indicating strong investment appeal, with Texas Capital assigning a price target of $106.
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- Executive Sell-off: On June 3, 2026, Keith Smith sold 100,000 shares of the company, which may raise market concerns about the company's future prospects, as executive sell-offs are often perceived as a lack of confidence in the company's performance.
- Market Reaction: This sell-off could lead to a decline in investor confidence in the company's stock, particularly in the current market environment where investors are highly sensitive to executive actions and their implications.
- Shareholding Structure Change: With Keith Smith's sell-off, the company's shareholder structure may change, potentially impacting corporate governance and decision-making processes, especially when executive ownership is low during critical decisions.
- Uncertain Future Outlook: The executive sell-off may create doubts in the market regarding the company's growth potential, particularly when stable leadership and shareholder support are crucial for driving long-term strategic initiatives.
See More
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- Positive Market Outlook: Texas Capital analyst David Bain believes that Boyd Gaming (BYD) is poised for a growth inflection in the Las Vegas Locals segment by late 2026, despite contributions from its Midwest and South divisions being more significant, indicating that Las Vegas performance will dictate stock sentiment.
- Diverse Growth Potential: Bain forecasts that all five of Boyd's divisions will grow by year-end for the first time in years, with each turn of multiple valued at approximately $13 per share, highlighting the company's potential value in the market.
- Management Team Advantage: Boyd's disciplined, ROI-focused management team is expected to effectively execute on opportunistic asset sales related to Caesars (CZR), further enhancing the company's financial performance and market position.
- Attractive Valuation: Bain noted that Boyd trades at 7.2X/6.7X traditional EV/EBITDA, significantly below its peers and its ~10X pre-COVID average, indicating strong investment appeal, with Texas Capital assigning a price target of $106.
See More
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- Significant Sales Growth: Tesla delivered 85,982 China-made new energy vehicles in May, marking a 39.4% year-on-year increase, indicating a strong recovery momentum in the Chinese market that is likely to enhance its market share further.
- Market Recovery Signs: According to the China Passenger Car Association, total EV sales in China reached 1.36 million units in May, a 12% year-on-year growth, reflecting an initial recovery in the domestic EV market, with Tesla's growth mirroring this trend.
- Competitor Performance: BYD achieved 376,990 deliveries in May, ending an eight-month streak of declining sales, highlighting intensifying market competition that necessitates Tesla's continuous innovation to maintain its leading position.
- FSD Technology Progress: Tesla announced the rollout of its FSD (Supervised) system in China in May, despite facing legal challenges, this technological advancement could attract more consumers and enhance the brand's image and competitive edge in the market.
See More
China's Tech Self-Sufficiency Accelerates
- Diversified Chip Supply: Zelostech plans to utilize multiple chip suppliers from China and abroad over the next year, moving away from reliance on Nvidia chips, which will significantly reduce costs for its self-driving systems and enhance market competitiveness.
- Vehicle Scale Expansion: Currently operating over 25,000 vehicles across more than 20 countries primarily for logistics, Zelostech aims for rapid expansion, which will greatly enhance its data collection capabilities in the autonomous driving sector and strengthen its industry influence.
- Domestic Chip Adoption: Chinese EV manufacturers like Nio and BYD are increasing investments in their own semiconductors, with Nio planning a fivefold increase in computing power spending, indicating a strong push to reduce dependence on Nvidia and promote local technology development.
- Technological Collaboration and Innovation: Huawei is adopting new scientific methods for chip development and plans to incorporate them into future products, signaling a resurgence for Chinese tech giants under U.S. restrictions, potentially accelerating the application and development of domestic chips.
See More
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- Merger Rumors Resurface: Analyst Dan Ives predicts a potential merger between Tesla and SpaceX by next year, suggesting that this could help Musk gain control over a larger AI ecosystem, facilitating technological integration and collaboration between the two companies.
- Market Expectation Fluctuations: Kalshi traders assign only a 33% probability for the merger to occur before 2027, down from nearly 77% last Friday, indicating significant uncertainty and divergence in market sentiment regarding the timing of the merger.
- Pressure in Chinese Market: Tesla has fallen behind competitors like BYD in electric vehicle sales in China, highlighting the potential urgency for a merger to enhance Tesla's competitive position in this critical market.
- Semiconductor Project Progress: Tesla and SpaceX are developing the Terafab semiconductor manufacturing plant in East Texas, with projected costs up to $119 billion, and a merger could facilitate resource integration and cost management for this ambitious project.
See More
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- Full Self-Driving Launch: Tesla announced that its Full Self-Driving (FSD) technology is now available in China, marking a significant advancement in its technological deployment in the market, despite local competitors having already rolled out similar technologies.
- Pricing Structure Revealed: According to Tesla's China website, the 'intelligent assisted driving' feature for the Model 3 is priced at 64,000 yuan ($9,409), a pricing strategy that could influence consumer purchasing decisions and potentially boost sales.
- Regulatory Approval Journey: Tesla's FSD technology in China has faced multiple delays in regulatory approval; although Musk anticipated approval by the end of 2024, the actual progress has not met expectations, reflecting the complex regulatory environment the company faces in China.
- Intensifying Market Competition: While Tesla awaited approval, local brands like Xiaomi and Xpeng rapidly advanced their autonomous driving technologies, posing a threat to Tesla's market share, especially as it ranked fourth in electric vehicle sales in April.
See More
