Deutsche Bank Wouldn't Be Shocked by Competing Bids for Ameristar
Deutsche Bank analyst Carlo Santarelli Friday morning issued a research note following the deal between Pinnacle Entertainment (NYSE: PNK) and Ameristar Casinos (NASDAQ: ASCA). The analyst said increased or competing offers for Ameristar "wouldn't be shocking."
Santarelli believes the deal makes “plenty of sense” for Pinancle, which will more than double in size after the deal. The analyst wondered how ASCA shareholders will accept this “modest” offer given recent M&A activity in the gaming industry.
Deutsche Bank maintained a Hold rating on and $22 price target on Ameristar Casino shares.
Both Ameristar and Pinnacle shares are up more than 20 percent at last check.
Latest Ratings for PNK
|Feb 2017||SunTrust Robinson Humphrey||Initiates Coverage On||Hold|
|Dec 2016||Deutsche Bank||Maintains||Hold|
|Aug 2016||Bank of America||Initiates Coverage on||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.