Boyd Gaming: Talking With The Bears

Boyd Gaming (BYD) remains a long-term 'Buy' despite a double miss in Q1 and CBRE's 'take profits' call. Midwest & South segment strength offsets softness in Las Vegas Locals and Downtown, with regional diversification providing downside protection. Upcoming catalysts—property renovations, Norfolk opening, and potential M&A—support a base-case price target of $109, implying ~30% total return.