Penn National Gaming PT Lowered to $12.00 (PENN)

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Analysts at Morgan Stanley decreased their price target on shares of Penn National Gaming (NASDAQ:PENN) from $13.00 to $12.00 in a research report issued to clients and investors on Monday, Analyst Ratings Net reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 1.64% from the company’s current price.

The analysts wrote, “As a result of recent relatively cautious channel checks and PENN’s weaker than expected 2014 outlook, we are lowering our estimates (cut 2014e EBITDAR by 8%) and price target for PENN (from $13 to $12). For our base case, the reduction in our FY14 estimates is mainly driven by: i) We believe that we were previously underestimating the cannibalization impact that PENN will likely realize at some of its major properties (Charles Town, Lawrenceburg, and Columbus), ii) We no longer expect a near-term ramp in Columbus given the impact of new supply, and iii) While our regional channel checks suggest flattish same-store growth in 2014,we now assume a relatively conservative 2% y/y same-store decline(excluding properties facing material cannibalization) which more accurately reflects the 1Q weather impact.”

A number of other analysts have also recently weighed in on PENN. Analysts at Credit Suisse cut their price target on shares of Penn National Gaming from $16.00 to $14.00 in a research note to investors on Friday. Separately, analysts at Brean Capital cut their price target on shares of Penn National Gaming from $17.00 to $15.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Barclays cut their price target on shares of Penn National Gaming from $15.00 to $13.00 in a research note to investors on Wednesday, February 5th. They now have an “equal weight” rating on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $24.24.

Penn National Gaming (NASDAQ:PENN) opened at 12.20 on Monday. Penn National Gaming has a 52 week low of $10.84 and a 52 week high of $15.50. The stock’s 50-day moving average is $12.86 and its 200-day moving average is $12.90. The company’s market cap is $940.1 million.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($11.40) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.13 by $11.53. The company had revenue of $644.70 million for the quarter, compared to the consensus estimate of $655.57 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The company’s quarterly revenue was down 13.3% on a year-over-year basis. On average, analysts predict that Penn National Gaming will post $0.35 earnings per share for the current fiscal year.

Penn National Gaming, Inc (NASDAQ:PENN) is a diversified owner and manager of gaming and pari-mutuel properties.

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