Morgan Stanley Overweight On Penn National Gaming

Morgan Stanley is out with a research report on Penn National Gaming (NASDAQ: PENN) and it is reiterating its Overweight rating and a $46 price target on shares.

In a note to clients, Morgan Stanley writes, "After adjusting our bear / bull scenario, we continue to believe that PENN (along with LVS) offers the most attractive risk-reward in gaming at current levels. Our positive view on PENN's project pipeline drives our view 4:1 towards our bull case, with a bear case of $33."

Shares of PENN gained 53 cents on Friday to close at $37.29.