Keith bought BYD in the Hedgeye Virtual Portfolio at $9.14 According to his model, the TRADE range is between $8.91 and $9.56, and the TREND support level for BYD is at $7.28.
BYD is down over 4% today, pretty much in line with what the stock was up on Friday. BYD missed our EBITDA number slightly – $114.3 vs $115.0 million – but we were high on the Street. Q4 EBITDA did exceed consensus by $1.5 million, so a very solid quarter. We continue to be impressed by the performance of the Las Vegas locals properties which generated a combined 8% YoY increase in EBITDA, and every property was up. Moreover, we think management’s commentary will be positive on the noon call as it relates to this market and the outlook for sustained growth (finally).
