Boyd Gaming

BYD · NYSE

$71.62+$0.66 (+0.93%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $70.96

BYD analyst rating

HoldConsensus of 14 analysts over the last 12 months. 43% rate it a buy.

Strong buy0
Buy6
Hold8
Underperform0
Sell0

12-month price target · 18 analysts

Average $98.68 (+37.8% upside)

Low: $87.87
Now: $71.62
High: $116.55

Upgrades and downgrades

The latest rating actions, newest first

BYD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 20, 2026	Maintains	Neutral	$93.00 → $85.00	48%
Truist Securities	Oct 20, 2026	Maintains	Buy	$110.00 → $100.00	39%
Susquehanna	Oct 19, 2026	Upgrade	Neutral → Positive	$87.00 → $83.00	50%
Wells Fargo	Oct 19, 2026	Maintains	Equal-Weight	$87.00 → $86.00	33%
Morgan Stanley	Oct 19, 2026	Upgrade	Equal-Weight → Overweight	$89.00 → $83.00	58%
Citigroup	Oct 12, 2026	Maintains	Neutral	$90.00 → $78.00	44%
Barclays	Oct 9, 2026	Maintains	Equal-Weight	$87.00 → $85.00	46%
Mizuho	Oct 7, 2026	Maintains	Outperform	$104.00 → $102.00	38%
Macquarie	Oct 7, 2026	Maintains	Neutral	$94.00 → $90.00	40%
Deutsche Bank	Oct 6, 2026	Upgrade	Hold → Buy	$98.00 → $99.00	59%

The case for and against

Updated Oct 17, 2026

Bull case

Boyd Gaming is positioned well fundamentally because its Midwest and South properties are producing the majority of revenue while same-store sales delivered a fourth consecutive positive print at +2.9% in Q2, with July also tracking positive in the low single-digit range. Margin performance is another clear strength, as profitability expanded by 139 bps year over year, aided by better paint and parts margins, $15MM of Project 360 savings, and accelerated synergy capture from acquisitions. The balance sheet remains manageable at 2.8x pro forma leverage, and with 3 store openings slated for Q3, 10 for Q4, and a larger M&A pipeline, the company has multiple levers for continued growth and margin expansion.

Bear case

Boyd Gaming is facing a fundamentally mixed but still pressured operating backdrop, as improved local play in Midwest and South is offset by persistent destination weakness in Downtown Las Vegas and the Orleans. The company’s heavy reliance on its core customer base, despite accounting for the majority of revenue, leaves results vulnerable to deteriorating economic conditions, rising gaming taxes, and increased competition across its properties. In addition, severe weather, regulatory changes, and a weaker consumer environment could further constrain margins and cash flow, making the overall risk profile unfavorable.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.