Barclays Maintains an 'Overweight' on Pinnacle Entertainment (PNK); As TX Fades, Focus Shifts To Fundamentals
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Price: $32.55 --0%
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Pinnacle Entertainment (NYSE: PNK), PT $19.
Barclays analyst says, "We believe the likelihood of Texas legalizing gaming in 2011 is low as the state's legislative session approaches its scheduled end on May 30. As the risk of Texas gaming to Pinnacle's Louisiana properties subsides, we believe investors will shift focus to Pinnacle's improving fundamentals. As we have written extensively in the past, we believe Pinnacle has significant valuation upside over our $19 price target from cost savings (shared services and other initiatives) and revenue growth (mychoice). In addition, St. Louis and Lake Charles have recently outperformed, which is incremental to our thesis. Pinnacle continues to be one of the best ideas on our coverage universe."
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 $13.84 yesterday.
Barclays analyst says, "We believe the likelihood of Texas legalizing gaming in 2011 is low as the state's legislative session approaches its scheduled end on May 30. As the risk of Texas gaming to Pinnacle's Louisiana properties subsides, we believe investors will shift focus to Pinnacle's improving fundamentals. As we have written extensively in the past, we believe Pinnacle has significant valuation upside over our $19 price target from cost savings (shared services and other initiatives) and revenue growth (mychoice). In addition, St. Louis and Lake Charles have recently outperformed, which is incremental to our thesis. Pinnacle continues to be one of the best ideas on our coverage universe."
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 $13.84 yesterday.
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