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PENN

Penn National

$19.64

-0.235 (-1.18%)

13:32
06/12/19
06/12
13:32
06/12/19
13:32

Penn National reports regulatory approval for Hollywood Casino Morgantown

Penn National Gaming announced that it has received licensing approval from the Pennsylvania Gaming Control Board and will soon begin construction of its Category 4 Hollywood Casino Morgantown on a vacant 36-acre site in Caernarvon Township, Berks County. Penn National was awarded the Commonwealth's first and fifth Category 4 licenses on January 10th and April 4th, 2018, respectively. Category 4 gaming facilities are authorized by law to operate up to 750 slot machines and 40 table games, and tax revenue is dispersed at the state, county, and local level. Caernarvon Township will receive 2% of gross tax revenue on slot machines and 1% from table games. The development of Hollywood Casino Morgantown represents an overall investment of nearly $111M, inclusive of license fees for the property's slot machines and table games. The development of Hollywood Casino Morgantown represents an overall investment of nearly $111 million, inclusive of license fees for the property's slot machines and table games. Timothy Wilmott, CEO for Penn National, said, "We look forward to beginning the development of Hollywood Casino Morgantown promptly following receipt of all requisite approvals. The property will be ideally located to draw customers from the heavily populated suburbs to the west of Philadelphia, while also protecting our existing market share at Hollywood Casino at Penn National Race Course."

  • 12

    Jun

PENN Penn National
$19.64

-0.235 (-1.18%)

05/09/19
BOFA
05/09/19
UPGRADE
Target $25
BOFA
Buy
Penn National upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Shaun Kelley upgraded Penn National Gaming to Buy from Neutral while lowering his price target for the shares to $25 from $27.
05/09/19
BOFA
05/09/19
UPGRADE
Target $25
BOFA
Buy
BofA/Merrill upgrades Penn National to Buy on stable core, upcoming catalysts
As previously reported, BofA Merrill Lynch analyst Shaun Kelley upgraded Penn National to Buy from Neutral, stating that its core consumer remains stable while he believes that catalysts such as the relaunch of MyChoice and sports betting are being underappreciated by investors. Kelley, citing slightly more conservative estimates and relative valuation, trimmed his price target on Penn National shares to $25 from $27.
05/09/19
MSCO
05/09/19
NO CHANGE
Target $27
MSCO
Overweight
Morgan Stanley upgrades Penn National on gaming demand, sports betting
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.
05/09/19
05/09/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Atlassian (TEAM) upgraded to Buy from Neutral at Goldman Sachs with Heather Bellini saying consensus billings expectations for Q4 of $361M, or up 30% year-over-year, appear conservative. 2. Match Group (MTCH) upgraded to Neutral from Sell at Goldman Sachs with 3ith analyst Michael Ng stating that the positive stock reaction to Match's in-line Q1 revenue and EBITDA results illustrate the market is more focused on the longer-term investment thesis. 3. Protagonist Therapeutics (PTGX) upgraded to Buy from Hold at Stifel with analyst Adam Walsh saying yhe expansion of the deal between Protagonist and Janssen for PTG-200 and other IL-23 receptor antagonists brings large pharma validation to the former's oral peptide platform. 4. Penn National (PENN) upgraded to Buy from Neutral at BofA/Merrill with analyst Shaun Kelley stating that its core consumer remains stable and he believes catalysts such as the relaunch of MyChoice and sports betting are being underappreciated by investors. 5. Ferrari (RACE) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Adam Jonas noting the company's better than expected Q1 results and saying he has higher conviction in the company's strategy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CAT

Caterpillar

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FB Financial

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FLR

Fluor

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LMT

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MDCO

The Medicines Co.

$35.38

-1.01 (-2.78%)

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MHTLY

Metcash

$0.00

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MKTX

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-0.24 (-0.07%)

, LLL

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TMSR

TMSR Holding

$1.67

(0.00%)

17:28
06/24/19
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Syndicate
Breaking Syndicate news story on TMSR Holding »

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MDCO

The Medicines Co.

$35.38

-1.01 (-2.78%)

17:27
06/24/19
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Syndicate
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XNCR

Xencor

$33.86

-1.31 (-3.72%)

, HF

HFF Inc.

$45.25

-0.29 (-0.64%)

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Xencor to replace HFF Inc. in S&P 600 at open on 7/2 »

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XNCR

Xencor

$33.86

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HF

HFF Inc.

$45.25

-0.29 (-0.64%)

JLL

Jones Lang LaSalle

$137.43

-2.075 (-1.49%)

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  • 26

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USNA

Usana

$72.41

-0.58 (-0.79%)

, LION

Fidelity Southern

$30.18

-0.06 (-0.20%)

17:20
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Usana to replace Fidelity Southern in S&P 600 at open on 7/1 »

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LION

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$30.18

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ABCB

Ameris Bancorp

$37.76

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MLAB

Mesa Labs

$227.44

-3.4 (-1.47%)

, AAXN

Axon

$73.22

-0.12 (-0.16%)

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AAXN

Axon

$73.22

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, MKTX

MarketAxess

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MKTX

MarketAxess

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-0.24 (-0.07%)

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L3 Technologies

$256.30

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MarketAxess to replace L3 Technologies in S&P 500 at open on 7/1 »

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L3 Technologies

$256.30

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HRS

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VGZ

Vista Gold

$0.81

-0.0026 (-0.32%)

17:04
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AAPL

Apple

$198.60

-0.17 (-0.09%)

17:03
06/24/19
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17:03
Periodicals
Apple to announce Seattle expansion on Monday, Seattle Times reports »

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HPE

HP Enterprise

$15.00

0.07 (0.47%)

, CRWD

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NGM

NGM Biopharmaceuticals

$13.88

0.1 (0.73%)

17:01
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Initiation
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VNDA

Vanda Pharmaceuticals

$13.81

-0.27 (-1.92%)

17:00
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  • 16

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CBAY

CymaBay

$6.76

-0.32 (-4.52%)

16:58
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Initiation
CymaBay initiated at Stifel »

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PK

Park Hotels & Resorts

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ICPT

Intercept

$79.64

-1.74 (-2.14%)

16:56
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16:56
Initiation
Intercept initiated at Stifel »

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KRYS

Krystal Biotech

$41.15

11.87 (40.54%)

16:48
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Syndicate
Krystal Biotech files to sell $100M of common stock »

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  • 24

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GNFT

Genfit

$20.19

-0.02 (-0.10%)

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Breaking Hot Stocks news story on Genfit »

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