0838 ET - Raymond James says Boyd Gaming selling its 5% interest in FanDuel for $1.76 billion in cash is "well above our $1.2B estimate," and is a net positive. Analysts R.J. Milligan and Arvind Chava also say the cash windfall will allow Boyd to pay down debt, invest in its core business and return cash to shareholders. On the negative side, the sale will ding Boyd's 2026 earnings by about $60 million, the analysts add in the research note. Overall, the deal "monetizes an illiquid asset being undervalued by the Street," Milligan and Chava say. (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

July 11, 2025 08:38 ET (12:38 GMT)

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