Brean Murray Initiates Pinnacle Entertainment (PNK) with a Buy
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Brean Murray initiates coverage on Pinnacle Entertainment (NYSE: PNK) with a Buy rating and $16 price target. The price target is based on a 2009E EV/EBITDA multiple of 6.9x and $3.00 per share in Atlantic City real estate value.
The firm believes that the current valuation too heavily discounts the company's recent disappointing casino opening and that catalysts will unfold over the next 12 months that will drive upside.
Pinnacle Entertainment, Inc. develops, owns, and operates casinos, and related hospitality and entertainment facilities in the United States.
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