UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Penn National Gaming
In a report published Monday, Deutsche Bank reiterated its Buy rating on Penn National Gaming (NASDAQ: PENN), and raised its price target from $48.00 to $65.00.
Deutsche Bank noted, “In a shocking and somewhat confusing release at first blush, we believe PENN has finally done what has been long discussed in gaming, executed a successful plan for an OpCo / PropCo structure. In doing so, we believe PENN has unlocked significant value, which was made possible by a vast real estate portfolio, modest leverage, and taxable income. We believe the sum of the parts yields a $65 price. As such we are reaffirming our Buy rating and raising our price target.”
Penn National Gaming closed on Friday at $37.61.
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