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

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In a report published Wednesday, Topeka Capital Markets reiterated its Sell rating on Penn National Gaming (NASDAQ: PENN), 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.

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: Topeka Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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