UPDATE: Bank of America Reiterates on Penn National Gaming After Winning Massachusetts Slot License

In a report published Monday, Bank of America analyst Shaun C. Kelley reiterated an Underperform rating on

, and raised the price target from $10.00 to $12.00. In the report, Bank of America noted, “Last Thursday evening, the Massachusetts Gaming Commission announced PENN as the winner of the Massachusetts slot parlor license at their Plainridge Racecourse located in Plainville MA. Recall, PENN proposed a $225M slot facility inclusive of a $50M license fee to be located in Plainville close to I-95 that runs south from Boston toward Rhode Island. We expect PENN to proceed quickly on construction with a possible opening in 2Q15. A temporary facility is not expected to be allowed.” Penn National Gaming closed on Friday at $12.85.