Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
Texas Capital Securities’ David Bain examined Boyd on July 13:
“We believe Boyd benefits from growth across all its divisions by 4Q, a stone’s throw from its 2Q earnings report. The last time each of Boyd’s divisions grew simultaneously, Boyd’s EV/EBITDA valuation was nearly three turns higher than today. Finally, Boyd’s valuation should benefit from the upcoming, opportunistic acquisition opportunities related to Caesars’ and MGM’s potential M&A transactions.”
Josh Nichols of B Riley Securities looked at DoubleDown Interactive on July 13:
“We model revenue of $92 million (+8.0% year-over-year), slightly below consensus $93 million, with social casino (81% of sales) +7.6% year-over-year, including WHOW (Games), while organic revenue declines roughly 5% year-over-year. SuprNation contributes $17 million (19% of sales) +9.9% year-over-year, but roughly flat Q/Q, its first full quarter under the UK’s remote gaming duty hike from 21% to 40%—though UK revenue was a modest 18% of the total in 1Q26 (up from 14.6% a year ago), and six weeks into 2Q, trade press reported that the feared impacts have yet to surface” at $74.6 million.
Brightstar Lottery was discussed by David Katz of Jefferies on July 12:
“We believe the 2Q headwinds — most notably the final concession payment in Italy, LMA pressure, and smaller lottery jackpots — are well understood and reflected in the shares. As a result, our view is that investor focus likely centers on near-term opportunities across new Italy business verticals, AI initiatives, and the anticipated free cash flow inflection. We assume the company can sustain at least a $780 million cash flow from the operations run rate. However, longer-term durability remains less certain. Incremental initiatives in Italy, unfavorable jackpot outcomes, and meaningful medium-term contract bids continue to balance the risk/reward profile, in our view.”
Truist Securities’ Barry Jonas looked at Wynn Resorts on July 13:
“We initiate coverage of Wynn Resorts with a Buy rating and $125 price target on ~12x our 2027E EBITDAR. Wynn is a luxury casino operator in Macau, Las Vegas, Boston, London and soon to be UAE with a 40% owned joint venture. We think Wynn is well positioned at the sweet spot of gaming with its best-in-class properties, higher end customer demographic and visible growth pipeline. We’re most excited by Wynn’s upcoming UAE property, where eventual calm in the Middle East and meaningful first movers advantage could lead to a dominant market position for years to come.”
