Stifel analyst Steven Wieczynski raised his price target for Penn National Gaming (PENN) to $33 saying the company's planned acquisition of Pinnacle Entertainment (PNK) "makes total sense." Based on the pro-forma combined company and assuming $100M in synergies, the analyst believes the new Penn is worth $33-$37 per share. Wieczynski keeps a Buy rating on Penn National shares.
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