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Penn National Gaming (PENN) PT Lifted To $52 By Deutsche Bank, 'Buy' Reaffirmed

 April 20, 2012 05:53 PM

Deutsche Bank (DB) increased its price target on shares of Penn National Gaming Inc. (NASDAQ:PENN) to $52 from $46, while reaffirming its "Buy" rating.

Following the company's solid first quarter earnings and increase to guidance/estimates, the brokerage believes what began as a questionable 2012 is shaping up to be a best of both worlds scenario.

At present, DB sees: solid, yet beatable EBITDA guidance manifesting in continued beats and raises, abating/rationalizing cannibalization fears, an improving margin story that continues to garner steam, and a development pipeline that will begin to show its power in the Q2-2012.

[Related -Penn National Gaming, Inc (PENN): A Winner Says Wells Fargo]

For these reasons, the brokerage continues to view Penn National Gaming as the best way to play the domestic consumer recovery in gaming. The firm said PENN remains top regional gaming idea.

Penn National Gaming owns and manages gaming and pari-mutuel properties in the United States and Canada. The company is involved in hotel, dining, retail, admissions, program sales, concessions, racing operations, and other ancillary activities.

PENN closed Friday's regular trading up 2.33% at $45.58.

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