These Analysts Cut Their Forecasts On Boyd Gaming After Q1 Earnings
Portfolio Pulse from Avi Kapoor
Boyd Gaming Corporation (NYSE:BYD) reported Q1 earnings below expectations with adjusted earnings of $1.51 per share against estimates of $1.57. Sales slightly exceeded expectations at $960.521 million. The company faced challenges due to severe winter weather and increased competition in Las Vegas. Despite this, Boyd Gaming maintains strong operating margins and continues shareholder returns. Shares fell 1.1% following the earnings announcement. JP Morgan and Deutsche Bank lowered their price targets and downgraded the stock.
April 26, 2024 | 12:54 pm
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Boyd Gaming reported lower-than-expected Q1 earnings but slightly higher sales. Shares fell 1.1% after earnings, with JP Morgan and Deutsche Bank lowering price targets and downgrading the stock.
The earnings miss and subsequent downgrades by JP Morgan and Deutsche Bank are likely to negatively impact investor sentiment in the short term, leading to a decrease in stock price. The share price already fell 1.1% following the announcement, indicating immediate market reaction. Analyst downgrades often lead to a reevaluation of stock by the market, potentially causing further declines.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100