UPDATE: Union Gaming Research Reiterates on Pinnacle Entertainment Following 3Q13 Results Recap

In a report published Thursday, Union Gaming Research analyst Bill Lerner reiterated a Hold rating on Pinnacle Entertainment PNK, and raised the price target from $24.00 to $25.00. In the report, Union Gaming Research noted, “PNK reported 3Q13 net revenue that was below our estimate and lower than Street consensus. EBITDA also missed both our estimate and the Street consensus. While results were by no means strong, they were likely above very modest expectations given earlier reported 3Q regional gaming results and monthly revenue trends. The 3Q reflected the first combined quarter with the Ameristar acquisition (closed August 13). With the closing behind them, PNK is increasingly bullish it will surpass its initial target of $40mm of corporate synergies (purchasing power, redundant public company costs, economies of scale, less corporate overhead) with ASCA.” Pinnacle Entertainment closed on Wednesday at $24.33.