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PENN

Penn National

$33.32

0.54 (1.65%)

, PNK

Pinnacle Entertainment

$33.94

0.3 (0.89%)

15:17
10/02/18
10/02
15:17
10/02/18
15:17

Penn National says FTC clears pending acquisition of Pinnacle Entertainment

Penn National Gaming (PENN) announced that the Federal Trade Commission has cleared its pending acquisition of Pinnacle Entertainment (PNK), subject to the previously agreed divestitures of four Pinnacle properties to Boyd Gaming (BYD). The completion of the proposed transaction is contingent on the receipt of approval from one jurisdiction, as well as certain other customary conditions. The company continues to expect to complete the transaction early in the fourth quarter. In addition to clearance by the FTC, Penn National has received approvals from thirteen 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

$33.32

0.54 (1.65%)

PNK

Pinnacle Entertainment

$33.94

0.3 (0.89%)

BYD

Boyd Gaming

$33.18

-0.36 (-1.07%)

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    Oct

  • 08

    Oct

  • 08

    Oct

PENN Penn National
$33.32

0.54 (1.65%)

08/28/18
JEFF
08/28/18
NO CHANGE
JEFF
Buy
Penn, Boyd smoking ban weakness may be buying opportunity, says Jefferies
Jefferies analyst David Katz said he views proposed smoking bans in St. Charles and St. Louis counties as potentially detrimental to Penn National (PENN) and Boyd Gaming (BYD), depending on the passing of the bills and the exemptions allowed. While the prospective process could "very modestly" temper his otherwise positive view on both stocks, he would consider any potential weakness a buying opportunity, Katz added. He keeps Buy ratings on the stocks of both casino operators.
07/26/18
UGAM
07/26/18
DOWNGRADE
UGAM
Hold
Penn National downgraded to Hold from Buy at Union Gaming
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.
10/01/18
RHCO
10/01/18
INITIATION
Target $39
RHCO
Buy
Penn National assumed with a Buy at SunTrust
SunTrust analyst Barry Jonas assumed Penn National with a Buy rating and a price target of $39 as part of his broader "U.S. Gaming" coverage transfer research report. The analyst is positive on the company's position as a "best in class regional gaming operator" and its expected transformative acquisition of Pinnacle Entertainment (PNK). Jonas notes that M&A synergies could drive potential upside to Penn National estimates along with "continued margin improvements across its portfolio".
PNK Pinnacle Entertainment
$33.94

0.3 (0.89%)

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.
BYD Boyd Gaming
$33.18

-0.36 (-1.07%)

08/14/18
JEFF
08/14/18
UPGRADE
Target $42
JEFF
Buy
Boyd Gaming upgraded to Buy from Hold at Jefferies
Jefferies analyst David Katz upgraded Boyd Gaming with an unchanged price target of $42. Positive regional fundamentals are bolstered by the company's accretive acquisitions, which grow the EBITDA by 31% in 2019, Katz tells investors in a research note. He views Boyd's valuation as "compelling" following the recent pullback in the shares.
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.
10/01/18
RHCO
10/01/18
INITIATION
Target $42
RHCO
Buy
Boyd Gaming assumed with a Buy at SunTrust
SunTrust analyst Barry Jonas assumed Boyd Gaming with a Buy rating and a price target of $42 as part of his broader "U.S. Gaming" coverage transfer research report. The analyst is positive on the company's "expected outsized growth in the Las Vegas Locals market combined with very high flow through with the lowest gaming taxes in the country".

TODAY'S FREE FLY STORIES

ATKR

Atkore

$24.17

0.23 (0.96%)

07:33
02/21/19
02/21
07:33
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07:33
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ROCK

Gibraltar Industries

$39.11

0.2 (0.51%)

07:32
02/21/19
02/21
07:32
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07:32
Earnings
Gibraltar Industries reports Q4 adjusted EPS 47c, consensus 40c »

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APHA

Aphria

$10.16

0.47 (4.85%)

07:31
02/21/19
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07:31
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07:31
Initiation
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DPZ

Domino's Pizza

$278.08

-1.36 (-0.49%)

07:31
02/21/19
02/21
07:31
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07:31
Earnings
Domino's Pizza reports Q4 adjusted EPS $2.62, consensus $2.69 »

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ADI

Analog Devices

$106.81

2.6 (2.50%)

, TXN

Texas Instruments

$107.93

0.66 (0.62%)

07:31
02/21/19
02/21
07:31
02/21/19
07:31
Recommendations
Analog Devices, Texas Instruments analyst commentary  »

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ADI

Analog Devices

$106.81

2.6 (2.50%)

TXN

Texas Instruments

$107.93

0.66 (0.62%)

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ADSK

Autodesk

$159.86

-0.76 (-0.47%)

07:30
02/21/19
02/21
07:30
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07:30
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Autodesk analyst commentary  »

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TGE

Tallgrass Energy

$23.56

-0.145 (-0.61%)

07:30
02/21/19
02/21
07:30
02/21/19
07:30
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Tallgrass Energy rating change  »

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KO

Coca-Cola

$45.12

0.3 (0.67%)

, ZNGA

Zynga

$5.04

-0.06 (-1.18%)

07:30
02/21/19
02/21
07:30
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07:30
Options
Unusual put flow in option market yesterday »

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KO

Coca-Cola

$45.12

0.3 (0.67%)

ZNGA

Zynga

$5.04

-0.06 (-1.18%)

AAOI

Applied Optoelectronics

$14.62

-0.305 (-2.04%)

TSM

TSMC

$39.01

0.54 (1.40%)

FITB

Fifth Third

$27.92

0.405 (1.47%)

HRL

Hormel Foods

$43.13

-0.18 (-0.42%)

PWR

Quanta Services

$36.60

0.925 (2.59%)

03/08/13
Wedge Partners
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03/06/13
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TLRY

Tilray

07:29
02/21/19
02/21
07:29
02/21/19
07:29
Initiation
Tilray initiated  »

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  • 18

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A

Agilent

$78.56

1.08 (1.39%)

07:29
02/21/19
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07:29
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07:29
Recommendations
Agilent analyst commentary  »

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DVN

Devon Energy

$30.30

1.99 (7.03%)

07:29
02/21/19
02/21
07:29
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07:29
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PYPL

PayPal

$94.75

-0.28 (-0.29%)

07:28
02/21/19
02/21
07:28
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07:28
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PayPal analyst commentary  »

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MMNFF

MedMen

$0.00

(0.00%)

07:28
02/21/19
02/21
07:28
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07:28
Initiation
MedMen initiated  »

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STZ

Constellation Brands

$166.78

-7.9803 (-4.57%)

07:27
02/21/19
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07:27
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KSHB

KushCo Holdings

$0.00

(0.00%)

07:26
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DSPG

DSP Group

$13.09

0.23 (1.79%)

07:26
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07:26
Hot Stocks
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  • 21

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PRFT

Perficient

07:25
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ITHUF

iAnthus

$0.00

(0.00%)

07:25
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07:25
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SLM

Sallie Mae

$11.38

-0.04 (-0.35%)

07:23
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07:23
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  • 21

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AIMC

Altra Industrial Motion

$32.98

0.57 (1.76%)

07:23
02/21/19
02/21
07:23
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07:23
Earnings
Altra Industrial Motion sees FY19 EPS $3.02-$3.18, consensus $3.35 »

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  • 21

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HEXO

HEXO Corp

$5.98

0.28 (4.91%)

07:23
02/21/19
02/21
07:23
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07:23
Initiation
HEXO Corp initiated  »

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CPSI

Computer Programs

$32.99

-0.16 (-0.48%)

07:22
02/21/19
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07:22
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07:22
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AIMC

Altra Industrial Motion

$32.98

0.57 (1.76%)

07:22
02/21/19
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07:22
Earnings
Altra Industrial Motion reports Q4 EPS 65c, consensus 71c »

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  • 21

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GTBIF

Green Thumb Industries

$0.00

(0.00%)

07:21
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02/21
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Green Thumb Industries initiated  »

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CVS

CVS Health

$64.19

-5.73 (-8.20%)

07:21
02/21/19
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CVS Health analyst commentary  »

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