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PENN

Penn National

$31.19

0.24 (0.78%)

, PNK

Pinnacle Entertainment

$32.88

0.05 (0.15%)

13:48
08/14/18
08/14
13:48
08/14/18
13:48

Penn National secures approvals from MGC, TRC for pending Pinnacle acquisition

Penn National Gaming (PENN) announced that at separate meetings today, the Company received approvals from the Massachusetts Gaming Commission and the Texas Racing Commission in connection with its pending acquisition of Pinnacle Entertainment (PNK), subject to customary conditions. The completion of the proposed transaction is contingent on receipt of additional regulatory approvals, as well as certain other conditions. Inclusive of the approvals from the MGC and TRC, Penn National has received approvals from ten gaming regulatory bodies in connection with its proposed acquisition of Pinnacle Entertainment. In addition, on March 29, shareholders of both Penn National and Pinnacle Entertainment approved the proposed merger, with over 99% of all votes cast in favor of the transaction.

PENN

Penn National

$31.19

0.24 (0.78%)

PNK

Pinnacle Entertainment

$32.88

0.05 (0.15%)

PENN Penn National
$31.19

0.24 (0.78%)

05/15/18
BOFA
05/15/18
NO CHANGE
BOFA
Supreme Court ruling on sports betting positive for regionals, game tech, says BofA/Merrill
BofA/Merrill analyst Shaun Kelley notes that the Supreme Court ruled 6-3 to repeal the Professional and Amateur Sports Protection Act, which had effectively banned full sports betting in every state except Nevada. While the analyst expects operator margins to be low, he sees upside for all of regional gaming, while gaming tech could be a key beneficiary. Reflecting sports betting in higher multiples, Kelley raised his price targets for Boyd Gaming (BYD) to $45 from $42, Penn National (PENN) to $36 from $32, Scientific Games (SGMS) to $70 from $60, and International Game (IGT) to $36 from $34.
06/08/18
JPMS
06/08/18
UPGRADE
Target $40
JPMS
Overweight
Penn National reinstated with an Overweight from Neutral at JPMorgan
JPMorgan analyst Joseph Gref upgraded Penn National Gaming to Overweight from Neutral and raised his price target for the shares to $40 from $26 following a period of restriction. The analyst sees a favorable setup for the shares given an "attractive regional gaming landscape" and the company's margin improvement initiatives. He "reasonably" sees adjusted EBITDAR margins expanding into the low 30%s from 2017's 27.9%.
06/08/18
06/08/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. ConocoPhillips (COP) upgraded to Outperform from Market Perform at Bernstein with analyst Bob Brackett saying the company's "stalwart global portfolio" and Brent pricing helps insulate it from Permian congestion impacting other E&Ps. 2. DexCom (DXCM) upgraded to Overweight from Neutral at JPMorgan with analyst Robbie Marcus saying glucose measurement is becoming an essential tool for patients and DexCom, with the launch of the G6, is the "clear market leader" from a technological standpoint. 3. Penn National (PENN) reinstated with an Overweight from Neutral at JPMorgan with analyst Joseph Gref saying he sees a favorable setup for the shares given an "attractive regional gaming landscape" and the company's margin improvement initiatives. 4. Marathon Oil (MRO) upgraded to Buy from Hold at Tudor Pickering. 5. Quest Diagnostics (DGX) upgraded to Outperform from Market Perform at William Blair with analyst Amanda Murphy citing the recent UnitedHealthcare (UNH) contract change and positive secular trends for larger labs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/26/18
UGAM
07/26/18
DOWNGRADE
UGAM
Hold
Penn National downgraded to Hold from Buy at Union Gaming
PNK Pinnacle Entertainment
$32.88

0.05 (0.15%)

12/19/17
UGAM
12/19/17
NO CHANGE
Target $35
UGAM
Buy
Penn National price target raised to $35 from $28 at Union Gaming
Union Gaming analyst John DeCree raised his price target for Penn National (PENN) to $35 and reiterates a Buy rating on the shares following the acquisition of Pinnacle Entertainment (PNK). The analyst believes the synergy and scale opportunity is "significant" and views the $100M cost-synergy target as "very beatable."
12/19/17
UGAM
12/19/17
UPGRADE
Target $40
UGAM
Buy
Gaming and Leisure upgraded to Buy with $40 target at Union Gaming
Union Gaming analyst John DeCree upgraded Gaming and Leisure Properties (GLPI) to Buy from Hold and raised his price target for the shares to $40 from $39. The analyst sees a near-term valuation opportunity in the shares following Penn National's (PENN) acquisition of Pinnacle Entertainment (PNK). He believes Gaming and Leisure "extracted significant value from yesterday's transactions."
01/11/18
RHCO
01/11/18
UPGRADE
Target $41
RHCO
Buy
Gaming and Leisure Properties upgraded to Buy at SunTrust on Pinnacle deal
As reported earlier, SunTrust analyst C. Patrick Scholes upgraded Gaming and Leisure Properties (GLPI) to Buy from Hold and raised his price target to $41 from $38. The analyst says the key to the stock is the replacement of Pinnacle Entertainment (PNK) with a new deal partner BYD, adding that the market has not priced in all of the Penn National (PENN) deal accretion. Scholes also believes that Gaming and Leisure Properties should see a "robust M&A pipeline" that offers more positive catalysts.
01/22/18
DBAB
01/22/18
NO CHANGE
Target $38
DBAB
Buy
Penn National price target raised to $38 from $32 at Deutsche Bank
Deutsche Bank analyst Carlo Santarelli raised his price target for Penn National Gaming (PENN) to $38 after incorporating the Pinnacle Entertainment (PNK) acquisition into his model. The analyst sees "multiple paths" to further share appreciation and keeps a Buy rating on Penn shares.

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XLU

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Noble Energy

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GM

General Motors

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ALKS

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$31.49

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ZNGA

Zynga

$5.46

-0.125 (-2.24%)

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JNPR

Juniper

$28.11

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$NSD

NASDAQ Market Internals

$0.00

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

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NYSE market internals summary »

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ADM

Archer Daniels

$42.08

-0.68 (-1.59%)

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CLS

Celestica

$7.33

-1.275 (-14.82%)

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MAT

Mattel

$12.39

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MDP

Meredith

$58.14

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CMG

Chipotle

$676.86

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MS

Morgan Stanley

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SBUX

Starbucks

$76.81

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AKAM

Akamai

$78.74

0.61 (0.78%)

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AMZN

Amazon.com

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AMP

Ameriprise

$145.43

1.475 (1.02%)

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GRUB

GrubHub

$70.14

0.84 (1.21%)

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GrubHub options imply 18.5% move in share price post-earnings, above median historical move »

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GLNCY

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CNSL

Consolidated Communications

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14:29
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Consolidated Communications rating change at Raymond James »

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