KeyBanc Downgrades Penn National Gaming (PENN) to Hold on Recent Appreciation; Expect In-line Qtr
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Price: $18.79 -0.32%
Rating Summary:
27 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
27 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc downgraded Penn National Gaming (NASDAQ: PENN) from Buy to Hold.
KeyBanc analyst said, "In marked contrast to most gaming stocks, the shares have appreciated 9% year-to-date (S&P 500 is up 8%, the Dow is up 5% and our KeyBanc gaming index is flat for the year, respectively, during the same period). In fact, the shares rose 4% in 2Q12 while the gaming group and the S&P declined 10% and 3%, respectively. That alone would not cause our change of posture. However, when combined with near-term focus on weak consumer sentiment, new competition entering a number of PENN's markets and possible expansion of gaming in Illinois and Maryland, we believe the shares will perform more in line with the general market over the next couple of quarters."
KeyBanc also sees PENN reporting in-line results tomorrow, and don't expect the results to produce n-t optimism.
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 $41.53 yesterday.
KeyBanc analyst said, "In marked contrast to most gaming stocks, the shares have appreciated 9% year-to-date (S&P 500 is up 8%, the Dow is up 5% and our KeyBanc gaming index is flat for the year, respectively, during the same period). In fact, the shares rose 4% in 2Q12 while the gaming group and the S&P declined 10% and 3%, respectively. That alone would not cause our change of posture. However, when combined with near-term focus on weak consumer sentiment, new competition entering a number of PENN's markets and possible expansion of gaming in Illinois and Maryland, we believe the shares will perform more in line with the general market over the next couple of quarters."
KeyBanc also sees PENN reporting in-line results tomorrow, and don't expect the results to produce n-t optimism.
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 $41.53 yesterday.
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