Citadel Securities Maintains an 'Add' on Penn National Gaming (PENN); Setting the Bar Higher for Management

Citadel Securities maintains an 'Add' on Penn National Gaming (NASDAQ: PENN) price target raised from $45 to $48.

Citadel analyst says, "In our view, PENN management has been doing an extraordinary job of improving operating results in the face of a difficult economic environment and we believe this is evident in the 2Q11 results...We are increasing estimates across the board, primarily on the back of 2Q11’s very strong results, but we believe our more ambitious earnings targets are largely achievable with a solid execution by management. All-in, we now expect 2011 adj. EPS and EBITDA of $2.02 (from $1.71) and $725MM (from $680MM). For 2012 and 2013, we now expect EPS of $2.38 (from $1.90) and $2.76 (from $2.42), respectively. We now believe EBITDA in 2012 and 2013 will come in at $766MM (from $744MM) and $871MM (from $854MM), respectively."

For more ratings news on Penn National Gaming click here and for the rating history of Penn National Gaming click here.

Shares of Penn National Gaming closed at $43.51 yesterday.

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