Janney Capital Resumes Penn National Gaming (PENN) at Buy

Janney Capital resumes coverage on Penn National Gaming (NASDAQ: PENN) with a Buy rating and a price target of $18.00.

Analyst Brian McGill commented, "We are resuming coverage of Penn National (PENN) with a BUY. While we have a more negative view of regional gaming than consensus, we think the PENN portfolio can benefit from its diversity and less new competition going forward. The company also has an attractive development pipeline including Massachusetts and the Jamul Indian project. Importantly, PENN has a strong management team and more financial flexibility compared with its peers. Our fair value is $18. This is 7.5x our 2016 adjusted EBITDA of $371M plus $0.75 for Jamul."

For an analyst ratings summary and ratings history on Penn National Gaming click here. For more ratings news on Penn National Gaming click here.

Shares of Penn National Gaming closed at $15.32 yesterday.

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