UPDATE: Deutsche Bank Reinitiates Coverage on Penn National Gaming at Buy

Deutsche Bank has reinitiated coverage of Penn National Gaming Inc.

maintaining Buy rating and reduced price target to $48 from $52. Deutsche Bank noted, "[we] are reinitiating coverage and maintaining our Buy rating. We continue to view PENN as the regional leader and while PENN has been a crowded sell-side Consensus idea, we think shares are poised to work from current levels for the reasons we detail in this note. Our PT goes to $48 from $52 on lower target multiples on 2014E EBITDA and the inclusion of the impact stemming from the recent MD Question 7 vote on Charles Town." Penn National Gaming closed at $39.47 on Wednesday.