Nomura Securities Maintains a 'Neutral' on Penn National Gaming (PENN); Update to Maryland Gaming Expansion
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Price: $53.00 -1.41%
Rating Summary:
10 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
10 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Nomura Securities maintains a 'Neutral' on Penn National Gaming (NASDAQ: PENN) price target of $48.00.
Analyst, Harry Curtis, said, "A work group considering gaming expansion possibilities will meet on 6/20 at 11am (ET). Recommendations from this meeting could lead to a legislative special session in July. Without table games, we estimate Charles Town’s EBITDA could drop to ~$120M in 2013 from ~$165M in 2012. If table games are legalized in Maryland, our street-low EBITDA estimate for Charles Town could drop further to ~$100M when rolled out. The primary uncertainty surrounding the stock is the amount of EBITDA PENN will lose owing to competitive pressure in 2012-13. We believe this uncertainty limits PENN’s upside potential in the next 6-12 months, leading to our Neutral rating.
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 $45.19 yesterday, with a 52 week range of $31.68-$46.48.
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Analyst, Harry Curtis, said, "A work group considering gaming expansion possibilities will meet on 6/20 at 11am (ET). Recommendations from this meeting could lead to a legislative special session in July. Without table games, we estimate Charles Town’s EBITDA could drop to ~$120M in 2013 from ~$165M in 2012. If table games are legalized in Maryland, our street-low EBITDA estimate for Charles Town could drop further to ~$100M when rolled out. The primary uncertainty surrounding the stock is the amount of EBITDA PENN will lose owing to competitive pressure in 2012-13. We believe this uncertainty limits PENN’s upside potential in the next 6-12 months, leading to our Neutral rating.
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 $45.19 yesterday, with a 52 week range of $31.68-$46.48.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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