Brean Murray Downgrades MTR Gaming (MNTG) Amid Ohio Casino Approval
Brean Murray has just issued a mid-day downgrade on shares of MTR Gaming (Nasdaq: MNTG). The firm lowered its investment rating on the stock from Buy to Hold, also suspending its $6 price target.
The firm cites the recent passage of a referendum that will allow the operation of four casinos in Ohio. Brean Murray notes that with one of the casinos proposed to be in Cleveland, a city which the firm calls a "feeder market for both of MTR's significant operating properties", "the competitive impact from a new casino could be significant beginning in 2012."
Shares of MTR have tumbled more than 24% today, most recently trading around $1.79.
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