UPDATE: Topeka Capital Markets Reiterates Sell Rating, Lowers PT on Penn National Gaming

In a report published Wednesday, Topeka Capital Markets reiterated its Sell rating on Penn National Gaming

, but lowered its price target from $37.00 to $34.00. Topeka Capital noted, “We are lowering our price target on PENN from $37 to $34 and reducing our 2013 EPS estimate based on the prospective introduction of table games in Maryland. Early this morning, Maryland's legislature approved a bill that authorizes a sixth license in Prince George's County and enables the state's casinos to operate table games. Subject to a November voter referendum, Maryland's casinos could be operating table games as soon as early-2013, which could materially dilute revenues at PENN's Hollywood Charles Town. Should the state assign the Prince George's County license to National Harbor, rather than to PENN's Rosecroft Raceway, the adverse impact could be even greater than our revised estimates reflect.” Penn National Gaming closed on Tuesday at $37.51.