Boyd Gaming Corp's stock fell to a 52-week low of $75.82, bringing its one-year decline to 10.26%. The gaming and hospitality operator reported second-quarter adjusted earnings per share of $1.93, edging past Wall Street's estimate of $1.90, but revenue of $1.03 billion trailed the $1.04 billion forecast.
The company's earnings before interest, taxes, depreciation and amortization came in at $373.4 million, beating both Mizuho's projection of $362.1 million and broader market expectations of $364.5 million. The locals segment contributed $106.4 million in EBITDA.
Mizuho raised its price target to $104 from $101 and maintained an Outperform rating on the shares. Stifel adjusted its target to $92 from $91, keeping a Hold rating.
Management has been aggressively repurchasing shares, and the company continues to benefit from strong margins and steady local demand within the gaming and hospitality sector. Boyd Gaming's current price-to-earnings ratio stands at 3.31.
