Truist Securities analysts initiated coverage on Golden Entertainment (NASDAQ:GDEN) with a Buy rating and set a price target of $45 on the stock. The analysts outlined their investment thesis on the company, emphasizing a return to fundamental strengths in the Vegas market. They noted that following recent asset sales, Golden Entertainment has transformed into a Nevada-centric operation poised to benefit from the region’s positive demographic trends and a favorable, low-tax regulatory landscape.

With the completion of recent construction and the easing of labor challenges, analysts anticipate robust growth in EBITDA and free cash flow. They also pointed out that the company’s current market valuation does not fully account for the expected improvements in business performance, the significant reduction in financial leverage, or the security provided by real estate holdings. The analysts believe the management is strategically positioned to enhance shareholder value through both organic growth and potential acquisitions, along with increasing returns to shareholders.

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