J.P. Morgan downgraded Boyd Gaming Group to “underweight,” citing expectations for a slow recover in the the casino industry.

Last month, Boyd reported its second-quarter profit dropped 41 percent as the recession prompted gamblers to curtail their spending. Revenue fell 8 percent to $423 million.
Boyd operates casinos in Las Vegas, Atlantic City and the South and Midwest. Boyd’s California Hotel and Casino and other downtown Las Vegas properties are popular with Hawaii Residents. J.P. Morgan analyst Joseph Greff said the recovery will be slow in each of the company's areas of operation.
He cut his rating to “underweight” from “neutral” and lowered his price target to $7 from $10. Boyd Gaming shares fell 52 cents yesterday, or 5.3 percent, to $9.32. The stock has more than doubled in the year to date.