You are correct and the downgrade is a joke. The analyst even admits online gaming will be HUGE and a game changer for BYD. Online gaming, a change in the economy, and a possible tax change (REIT) will send BYD to $14.
Sucks when they can't get any shares to help cover their share of the 18+ million share short position. That's 30% of the float. So issue a sell with hopes of shaking out some shares before earnings. There is no basis for the rating. Pure desparation! BYD should beat earnings with Kansas property and LV gaming profits rising for the 3rd year in a row.