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Analyst Upgrades Boyd Shares

5 November 2002

NEW YORK -- CIBC World Markets analyst William Schmitt has raised his rating on Las Vegas-based Boyd Gaming Corp. from `Sector Performer' to `Sector Outperformer.'

Schmitt reduced his rating on riverboat casino operator Ameristar Casinos Inc. of Las Vegas from "Sector Outperformer" to "Sector Performer."

Schmitt also reduced his rating on the casino sector from "Overweight" to "Market Weight" to reflect a variety of factors including waning consumer confidence and a soft economy.

"We believe the benefits derived from cost reduction and lower (interest) rates will be hard to come by in 2003," he wrote in a research note.

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