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Stock upgraded to ‘buy’

Tuesday, March 26, 2002 | 11:24 a.m.

A prominent gaming analyst upgraded his rating on Boyd Gaming Corp. Friday, following the company's announcement that it would significantly beat earnings expectations for the quarter ending March 31.

Analyst Jason Ader of Bear Stearns bumped Las Vegas-based Boyd from "attractive" to "buy," and raised his target price for the stock from $11 to $16. Ader raised his 2002 earnings estimate from 78 cents to $1.06 per share, and his 2002 cash flow estimate from $254 million to $279 million.

"With a modestly improving outlook for the economy, continued strong trends across many of its markets, the positive momentum going into the upcoming opening of the Borgata (in Atlantic City), as well as the company's steadily improving balance sheet and accelerating free cash flows ... we remain optimistic about the outlook for Boyd for the next several quarters," Ader wrote.

Separately, CIBC World Markets -- which already had a "strong buy" rating on the stock -- raised its price target from $12 to $20, its 2002 earnings estimate from 75 to 96 cents per share, and its 2002 cash flow estimate from $253 million to $270.5 million.

"We continue to believe that 2002 will be the break-out year for Boyd Gaming, highlighted by continued improvements at the existing properties and the slot operations at Delta Downs (in Louisiana)," wrote CIBC analyst William Schmitt.

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