Boyd Gaming Corporation Stock 12‑Month Price Target Cut to $89.18, Implies 23% Upside

S&P Global Ratings upgraded Boyd Gaming's (BYD) outlook to positive, citing strong balance sheet management. The company's adjusted leverage is expected to rise temporarily due to a $750M Virginia resort project, but should return to mid-2x by 2027. S&P projects a 2% EBITDA decline in 2026, followed by 4% growth in 2027. Cash flow is forecast to increase significantly post-construction, with potential for a rating upgrade if Nevada demand recovers.

Citizens maintained its Market Perform rating on Boyd Gaming (NYSE:BYD) after mixed Q3 2026 results. EBITDAR was $320M, up 1% from consensus but down 1% YoY. Shares fell 14.6% YTD, trading at a P/E of 3.09. Las Vegas Locals and Downtown EBITDA declined, while Midwest and South segments met expectations. Q3 earnings were $1.67 per share on revenue of $990.5M, missing estimates of $1.70 and $1B. Weak Las Vegas traffic and one-time items impacted results.

Boyd Gaming (BYD) reported Q3 2026 results with companywide revenue down 1% but up 2% when adjusting for unusual items. Boyd Interactive saw double-digit growth. Midwest/South segment revenues rose 3%, while Las Vegas local segment showed mixed results. The company is investing in property renovations and new projects, including a Norfolk resort set to open in 2027. Boyd returned $180 million to shareholders in Q3.

Boyd Gaming reported Q3 2026 revenue of $990.5M, down from $1.0B in Q3 2025, citing weaker destination travel to Las Vegas. Net income was $124.9M ($1.71 per share), significantly lower than the prior year's $1.4B ($17.81 per share), which included a $1.4B gain from FanDuel's sale. The company noted strength in its Midwest & South segment and online gaming, while Las Vegas properties faced challenges. CEO Keith Smith emphasized disciplined M&A strategy.

Boyd Gaming (BYD) reported Q3 earnings, with CFO Josh Hirsberg expecting Midwest and South business growth to continue into 2027. Las Vegas Locals segment grew 3% excluding The Orleans and Suncoast, with margins at 47%. Destination business weakened but is not expected to remain as soft in Q4. Online and managed businesses saw double-digit growth, with guidance remaining intact.

Boyd Gaming reported Q3 2026 adjusted revenue growth of 2% and EBITDA growth of 1%, despite reported declines due to unusual items. Las Vegas destination play weakened, while Midwest & South and Boyd Interactive segments showed strength. CapEx increased to $650M, and share buybacks totaled $164M. Management remains cautious on destination trends.