Penn National Gaming Upgraded To Buy

Jefferies has published a research report on Penn National Gaming PENN following 3Q results and has upgraded the company from Hold to Buy. In the report, Jefferies writes "Strong 3Q10 results coupled with a more positive comparison landscape suggest that estimates should continue to move higher. Coupled with the risk of an LV Strip acquisition reduced for the time being, we believe higher multiples are warranted." Jefferies has also raised the price target from $30 to $41 on Penn National Gaming, which closed yesterday at $32.84.