Deutsche Bank upgrades Penn and Boyd ratings on improved gaming demand outlook
PENN PENN Entertainment Inc
$15.10 +2.23%
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- 1Deutsche Bank upgraded Penn Entertainment and Boyd Gaming from Hold to Buy.
- 2August total casino revenue from same-store locations excluding Virginia fell 2.5% year-over-year due to an expected 250bp headwind from calendar effects.
- 3Deutsche Bank raised the price target for Penn from approximately $23 to $25.
So what's the key point?
Deutsche Bank raised the investment ratings for Penn and Boyd because gaming demand is expected to improve. It expects Penn's stock to rise to $25.
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