Deutsche Bank Resumes Penn National Gaming (PENN) at Buy, $48 PT

Deutsche Bank resumes coverage on Penn National Gaming (NASDAQ: PENN) with a Buy. PT $48.00.

The firm comments, "Post our extended restriction on PENN, we are reinitiating coverage and maintaining our Buy rating. We continue to view PENN as the regional leader and while PENN has been a crowded sell-side Consensus idea, we think shares are poised to work from current levels for the reasons we detail in this note. Furthermore, we see low expectations around regional performance & significant cannibalization fears creating an attractive entry point. Our PT goes to $48 from $52 on lower target multiples on 2014E EBITDA and the inclusion of the impact stemming from the recent MD Question 7 vote on Charles Town."

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 $39.47 yesterday.

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