Bank of America Reiterates Buy on Pinnacle Entertainment Following Lumiere Place Casino Sale Announcement

In a report published Monday, Bank of America analyst Shaun C. Kelley reiterated a Buy rating and $30.00 price target on

. In the report, Bank of America noted, “Late Friday, PNK announced it has reached an agreement to sell its Lumiere Place casino property located in downtown St. Louis for $260M to Tropicana Entertainment. While the proceeds are slightly less than we hoped for in an upside scenario, the deal was the second of two divestitures required by the FTC and is another key milestone in the company's merger timeline.” Pinnacle Entertainment closed on Friday at $21.80.