UPDATE: Bank of America Upgrades Penn National Gaming to Buy

According to Bank of America, Penn National Gaming PENN is upgraded to Buy. Bank of America said that it is upgrading PENN to Buy from Neutral. “PENN is the most significant free cash generator in regional gaming with an 11% FCF yield and 8% FCF to EV ratio, one of the best in our universe, helped by double-digit FCF growth in 2013. Rolling forward its current 8x 2012E EBITDA multiple to our new 2013 est. takes our PO to $48 and we are upgrading to Buy.” Penn National Gaming closed yesterday at $39.46.