As previously reported, Morgan Stanley analyst Thomas Allen upgraded Penn National to Overweight from Equal Weight, citing his view that regional gaming growth rate of 3% seen since 2017 is sustainable in the forseeable future given consumer confidence near highs, unemployment near lows and wage gains forecast for low and middle income earners. He also sees Penn as a "meaningful beneficiary" of the state-by-state rollout of legal sports betting given that it is in the most states of any casino company, Allen tells investors. Given his increased 2020 estimates, Allen raised his price target on Penn National shares to $27 from $25. The stock was also upgraded this morning by BofA Merrill Lynch analyst Shaun Kelley to Buy from Neutral.

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