Deutsche Bank Downgrades Penn National Gaming (PENN) to Hold

Deutsche Bank analyst Carlo Santarelli downgraded Penn National Gaming (NASDAQ: PENN) from Buy to Hold with a price target of $32.00 (from $27.00).

The analyst comments "Our downgrade is not an indictment of the Barstool deal, a deal we think was a smart strategic customer acquisition play, nor is it reflective of a change in our view of regional gaming trends. We merely believe shares have moved too much too fast and when sentiment shifts, the market is likely to realize PENN is several years from the sports book vertical making material contributions to the P&L."

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 $29.02 yesterday.

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