Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of casino operator Boyd Gaming
So what: Citing a Las Vegas market that seems poised for a multiyear cyclical recovery, Merrill offered a $16 price target with the upgrade, representing 45% upside to Boyd's closing price Monday. Not surprisingly, Merrill also upgraded MGM Resorts
Now what: I'd remain cautious about buying in right now. Boyd certainly stands to benefit from a continuing recovery in Las Vegas, but Asia-exposed casinos like Las Vegas Sands
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