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UPDATE: KeyBanc Downgrades Penn National Gaming to Hold on Valuation, Week Sentiment

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KeyBanc downgraded Penn National Gaming (NASDAQ: PENN) from Buy to Hold and suspends its price target of $51 a share.

KeyBanc commented, "In marked contrast to most gaming stocks, the shares have appreciated 9% year-to-date (S&P 500 is up 8%, the Dow is up 5% and our KeyBanc gaming index is flat for the year, respectively, during the same period). In fact, the shares rose 4% in 2Q12 while the gaming group and the S&P declined 10% and 3%, respectively. That alone would not cause our change of posture. However, when combined with near-term focus on weak consumer sentiment, new competition entering a number of PENN's markets and possible expansion of gaming in Illinois and Maryland, we believe the shares will perform more in line with the general market over the next couple of quarters.

Penn National Gaming closed at $41.53 on Friday.

Latest Ratings for PENN

DateFirmActionFromTo
Jul 2014BarclaysMaintainsOverweight
May 2014Morgan StanleyDowngradesEqual-weightUnderweight
Apr 2014Bank of AmericaMaintainsUnderperform

View More Analyst Ratings for PENN
View the Latest Analyst Ratings

Posted-In: KeyBancAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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