Deutsche Bank Upgrades Pinnacle Entertainment (PNK) to Buy

Deutsche Bank upgraded Pinnacle Entertainment (NYSE: PNK) from Hold to Buy with a price target of $23.00 (from $15.00).

The analyst comments, "Given what we believe are a series of favorable catalysts on the horizon, limited appreciation for the cash flow profile of the pro forma entity and its potential impact on equity value, increasingly bearish sentiment towards regional gaming in general, and an undemanding valuation in the face of potential multiple expansion scenarios, we are upgrading PNK to Buy from Hold and raising our price target to $23 from $15. At this stage, given the move in PENN shares and while we continue to find PENN very compelling, we believe PNK offers the best risk-reward of the regional operators over the next 6-9 months."

For an analyst ratings summary and ratings history on Pinnacle Entertainment click here. For more ratings news on Pinnacle Entertainment click here.

Shares of Pinnacle Entertainment closed at $16.38 yesterday.

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