Deutsche Bank Sees Buying Opp in Penn National Gaming (PENN)

Deutsche Bank today maintained a Buy rating on Penn National Gaming (NASDAQ: PENN) with a modified price target of $65.00 (from $68). Analyst Carlo Santarelli thinks the recent sell-off is a buying opportunity.

"Given the 12% pullback in shares over the past six weeks (S&P +1% over this period), we believe much of the bad news regarding the sluggish Ohio ramp, cannibalization in IN & WV, and regional fundamentals which have again failed to benefit from easing comps, has been priced in. That said, we expect the aforementioned issues to create a 2Q13 miss and 2013 guide down for PENN. We see the pullback as a healthy buying opportunity given our bigger picture view of this name," said Santarelli.

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 $53.00 yesterday.

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