Boyd Gaming (BYD) Stock Trades Up, Here Is Why

What Happened?

Shares of gaming and hospitality company Boyd Gaming (NYSE:BYD) jumped 3.5% in the morning session after the company reported strong second-quarter financial results that surpassed analyst expectations for both revenue and earnings. 

The casino operator posted second-quarter revenue of $1.03 billion and adjusted earnings of $1.87 per share, comfortably surpassing Wall Street's average estimates of $980.3 million and $1.67 per share, respectively. The performance also marked a significant improvement from the same period in the previous year, when the company reported adjusted earnings of $1.58 per share. In a statement, the company's CEO noted that it was the strongest property-level revenue and adjusted EBITDAR growth in more than three years, with margins once again exceeding 40%. The growth was attributed to continued strength in play from core customers and improvements in retail play.

After the initial pop the shares cooled down to $84.65, up 2.6% from previous close.

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What Is The Market Telling Us

Boyd Gaming’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was 14 days ago when the stock dropped 6.7% on the news that an analyst at Susquehanna downgraded the stock. 

The firm lowered its rating on the casino operator to "Neutral" from a previously "Positive" stance, signaling a more cautious outlook on the stock's near-term prospects. This move by a Wall Street analyst can often prompt investors to reconsider their positions, leading to selling pressure. The downgrade came despite Susquehanna simultaneously raising its price target on Boyd Gaming to $86.00 from $76.00. This mixed signal suggests that while the analyst sees higher long-term value, the immediate catalysts for further significant gains may be limited. The analyst action follows Boyd's major announcement that it will sell its 5% equity stake in FanDuel to Flutter Entertainment for approximately $1.76 billion in cash. While the sale unlocks significant value and will allow Boyd to reduce debt, the subsequent downgrade may reflect concerns about the company's growth profile following the divestiture of this high-growth asset.

Boyd Gaming is up 17.9% since the beginning of the year, and at $84.65 per share, it is trading close to its 52-week high of $85.37 from July 2025. Investors who bought $1,000 worth of Boyd Gaming’s shares 5 years ago would now be looking at an investment worth $3,914.

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