Key Factors
Boyd Gaming is down barely every week after reporting fourth quarter earnings, however analysts proceed to bid the inventory larger. 
The corporate competes in land-based (on-premises) and on-line gaming markets. 
BYD inventory is at a confirmed assist degree and can be one for traders to purchase on the dip.  
5 shares we like higher than Boyd Gaming
Only a few days earlier than the Tremendous Bowl kicked off in Las Vegas, Boyd Gaming Company NYSE: BYD put the highlight on Vegas otherwise. The Las Vegas-based firm delivered its fourth quarter earnings report. The headline outcomes confirmed earnings per share of $1.66 on income of $954.51 million. 
Each numbers exceeded analysts’ estimates, with EPS falling barely decrease than the $1.72 the corporate booked in the identical quarter in 2022. For the yr, earnings have been flat, however income was up 5% in the identical interval.  Get Boyd Gaming alerts:Signal Up
Boyd didn’t concern full-year steering for 2024, however analysts clearly appreciated what they heard. Because the earnings report, the Boyd Gaming analyst rankings on MarketBeat present that 5 analysts have reiterated their bullish rankings on BYD inventory, with all 5 elevating their value targets anyplace from 8% to 25%.  
Making up for misplaced time 
One purpose for the bullish value projections could also be a case of analysts making up for misplaced time. BYD inventory is down over 4% within the final 12 months. Buyers have been bitter on shopper discretionary shares in 2023. Nonetheless, that narrative did not play out as anticipated. Particularly when it got here to leisure shares. As Boyd Gaming’s outcomes present, shoppers are greater than prepared to spend at casinos. The corporate posted sequential income progress in each quarter and earnings progress in two out of 4 quarters.  
Analysts could also be involved in regards to the capital expenditures that totaled $374 million in 2023 and are forecast to extend to between $400 and $450 million in 2024. However that appears to be properly lined as the corporate has no near-term maturing debt and rising free money circulate (FCF).  
Anticipated progress from on-line gaming 
In lower than one era, on-premises gaming has change into mainstream. Since 2019, the subsequent wave of progress on this sector has taken the type of on-line gaming (iGaming) house. Boyd captures this market in two methods.  
First, the corporate has a web-based on line casino, the Stardust On line casino, which permits clients in choose states to take part in on-line on line casino video games. The corporate additionally has a 5% stake in FanDuel, which is owned by Flutter Leisure plc NYSE: FLUT. FanDuel, together with DraftKings Inc. NASDAQ: DKNG, is likely one of the leaders within the quickly rising on-line sportsbook market. 
One time climate could have really made a distinction 
Another excuse the inventory could also be dipping put up earnings is the corporate’s near-term forecast. Boyd cited the winter storms and below-zero temperatures that moved by means of elements of the Midwest as a purpose for doubtlessly disappointing ends in their Midwest and South areas within the present quarter. 
Buyers will be skeptical when firms cite climate as a purpose for lacking income projections. Generally, nonetheless, the declare will be made with good purpose. And this could seem like a type of instances. The corporate has seen enhancing traits because the storms have handed.  
A buyable dip could also be coming 
The BYD inventory chart reveals the inventory has dropped about 2% because the earnings report. That places the inventory at a confirmed assist degree simply above its 200-day easy transferring common (SMA) and slightly below its 50-day SMA.  
Earlier than you contemplate Boyd Gaming, you will need to hear this.MarketBeat retains monitor of Wall Road’s top-rated and finest performing analysis analysts and the shares they suggest to their shoppers each day. MarketBeat has recognized the 5 shares that high analysts are quietly whispering to their shoppers to purchase now earlier than the broader market catches on… and Boyd Gaming wasn’t on the listing.Whereas Boyd Gaming at present has a “Reasonable Purchase” score amongst analysts, top-rated analysts consider these 5 shares are higher buys.View The 5 Shares Right here Which shares are prone to thrive in at the moment’s difficult market? Click on the hyperlink beneath and we’ll ship you MarketBeat’s listing of ten shares that may drive in any financial setting.Get This Free Report