Deutsche Bank Upgrades Penn National Gaming (PENN) to Buy
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Deutsche Bank upgrades Penn National Gaming (Nasdaq: PENN) from Hold to Buy with a $36 price target.
The firm said, "ENN reported an in-line 2Q08 and maintained previous guidance for 2008. A soft economy and smoking bans continued to impact results, while the first full quarter of PA ramped up nicely. We believe challenges in the regional markets are well understood at this stage, while PENN has emerged with a strong balance sheet and flexibility to pursue strategic opportunities. Further, the ramp up of recent projects could provide upside."
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