UPDATE: Jefferies Upgrades Penn National Gaming (PENN) to Buy
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Jefferies analyst David Katz upgraded Penn National Gaming (NASDAQ: PENN) from Hold to Buy with a price target of $49.00.
The analyst comments "We upgrade PENN to Buy from Hold on the recent weakness, which has reduced the shares to a $30 level that comfortably reflects the stable cash generation of the landbased casino business (<10X FCF), while assigning de minimis value for the digital prospects. At the same time, we believe Mgt. is progressing to more a cohesive strategic plan for digital including Barstool, theScore and combined technology, which we believe could demonstrate returns in time."
Shares of Penn National Gaming closed at $30.92 yesterday.
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