Oct 27, 2026, 4:24 AM ETBoyd Gaming Corporation (BYD) StockPedro Goulart1.01K FollowersBoyd Gaming retains a buy rating despite recent share price weakness and macro headwinds, with current levels offering ~25% upside to $90/share.Key catalysts include the $750M Norfolk Casino project (opening 2027) and major renovations at Orleans and Suncoast, expected to drive incremental EBITDA.The Las Vegas Locals segment underperformed due to Orleans and Suncoast, but excluding these, Locals revenue and EBITDAR grew 3% YoY, signaling underlying resilience.Buyback yield of ~7.3% and conservative EBITDA multiples (8.1x FWD) further support the investment case, with a medium-term target of $109/share post-Norfolk.peshkov/iStock via Getty Images"Not all catalysts come overnight." That was basically the spirit of my last article about Boyd Gaming (BYD) a while after "walking with the bears" at CBRE.At that time, Texas Capital and BenchmarkThis article was written byPedro Goulart1.01K FollowersI’m an equity analyst and founder of Goulart’s Restaurant Stocks, a research firm focused on the U.S. restaurant industry — from quick-service and fast casual to fine dining and niche concepts.In addition to restaurants, I cover consumer discretionary, food & beverage, casinos & gaming, and IPOs, with a particular focus on micro and small caps that are often overlooked by mainstream analysts. My research has been featured on Seeking Alpha, Yahoo Finance, Mises Institute, Investing.com and other plataforms.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments