Morgan Joseph Reiterates a 'Buy' on Pinnacle Entertainment (PNK); Texas Gaming? We Don't Think So

Morgan Joseph reiterates a 'Buy' on Pinnacle Entertainment (NYSE: PNK), PT $18.

Morgan analyst says, "...Indeed, the current composition of both the House and the Senate in the state, the fact that the Texas legislature only meets in oddnumbered years, and the existence of several pro-gaming groups
with battling agendas make gaming legalization a tall order, in our view. As such, we believe the recent slide in Pinnacle Entertainment's stock price is unwarranted and presents a buying opportunity...We believe Pinnacle Entertainment's long-term growth story remains intact. Indeed, we think likely margin expansion, a competitive advantage afforded Pinnacle from fresher slot product, and the Baton Rouge casino project (scheduled to open in 1Q12) have Pinnacle poised for solid growth."

For more ratings news on Pinnacle Entertainment click here and for the rating history of Pinnacle Entertainment click here.

Shares of Pinnacle Entertainment closed at $12.74 yesterday.

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