UPDATE: ISI Group Reiterates Hold Rating, Raises PT on Penn National Gaming

In a report published Wednesday, ISI Group reiterated its Hold rating on Penn National Gaming

, and raised its price target from $43.00 to $49.00. ISI Group noted, “Over the last several weeks, we have received numerous questions from investors regarding a potential valuation for PropCo—specifically, how PropCo's EV/EBITDA multiple would likely compare to that of a ‘typical' triple-net REIT. Whereas over the past 5-7 years triple-net REITs have traded in an average range of 13.0-13.5x forward 12M EBITDA, for a number of reasons detailed herein, we peg the appropriate multiple for PropCo closer to 10-11x.” Penn National Gaming closed on Tuesday at $50.84.