UPDATE: Telsey Downgrades Penn National Gaming (PENN) to Market Perform

(updated to add analyst comment)

Telsey downgraded Penn National Gaming (NASDAQ: PENN) from Outperform to Market Perform with a price target of $26.00.

Analyst David Katz believes top line growth could produce greater benefit for the stock compared with benefits from margin improvement and Katz believes that is an important shift in the story. The analyst believes the recent run up brings the company valuation more inline with peers and there steps to the sidelines.

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 $24.66 yesterday.

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