Morgan Stanley raised the firm’s price target on Boyd Gaming (BYD) to $80 from $76 and keeps an Equal Weight rating on the shares. Boyd has entered a definitive agreement to sell it’s 5% stake in FanDuel for $1.75B gross of taxes, the analyst tells investors in a research note. The firm believes the “mark” on the FanDuel assets will provide a temporary boost for U.S. gaming assets as the market may anticipate further transactions and/or ascribe similar multiples to peer assets.
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Read More on BYD:
- Susquehanna downgrades Boyd on valuation post FanDuel sale
- JPMorgan views Boyd’s FanDuel stake sale as mixed
- Boyd Gaming price target raised to $87 from $76 at Stifel
- Boyd Gaming downgraded to Neutral from Positive at Susquehanna
- Mixed Impact of Boyd Gaming’s Stake Sale in FanDuel: Debt Reduction vs. Future Earnings Uncertainty