Boyd Gaming price target lowered to $71 from $82 at Wells Fargo

Wells Fargo lowered the firm’s price target on Boyd Gaming to $71 from $82 and keeps an Overweight rating on the shares. Boyd’s Q1 adjusted EBITDAR was 3% below the firm’s estimate, with various factors driving the downside, some transitory like weather, and some on the firm’s radar like Durango competition, and some more concerning like sustained Las Vegas Locals market softness, the analyst tells investors in a research note.