Morgan Stanley reiterates its Overweight rating and $48 target price on Penn National Gaming PENN, believing catalytic developments from the company may be forthcoming.
Morgan Stanley says, "Development Pipeline Still Not in Price. Our $48 PT (+20%) comprises PENN's existing ops. ($41), project pipeline ($12), and cannibalization (-$5). ...We remain confident that our fully
ramped, $250-mn EBITDA in OH, which is 2x consensus, is achievable. We believe our modeling
approach, which considers key population metrics, provides a more realistic scenario than standard consensus methodology."
PENN closed at $40.72 a share on Friday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in