Deutsche Bank Downgrades Penn National Gaming (PENN) to Hold
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Deutsche Bank downgrades Penn National Gaming (Nasdaq: PENN) from Buy to Hold. Price target dropped from $36 to $25.
Deutsche analyst says, "PENN announced that is lowering 3Q08 guidance due to weak economic conditions, competition in certain markets, disruption from hurricanes, and higher lobbying expenses. The impact from the storms and lobbying expenses accounted for more than half of the variance, but we remain concerned with the deceleration in September and low visibility going forward. While PENN's favorable balance sheet separates it from the comp set, we believe there is risk to further estimate revisions due to macro factors."
Penn National Gaming Inc. (Penn National) is a diversified, multi-jurisdictional owner and operator of gaming properties, as well as horse racetracks and associated off-track wagering facilities (OTWs).
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