CBRE downgrades Boyd on lack of near-term catalysts

As previously reported, CBRE analyst John DeCree downgraded Boyd Gaming (BYD) to Hold from Buy with a price target of $100, down from $105, following the Q1 report. The stock in afternoon trading is down 6% to $83.43. The firm believes the shares “hit a ceiling” at the all-time high of around $90. CBRE sees little downside risk at current valuation levels. However, Boyd lacks a near-term catalyst as destination softness in Las Vegas offsets the “moderate growth” in the rest of its portfolio, the analyst tells investors in a research note.