Morgan Stanley Provides Color on Penn National Gaming, Overweight

Morgan Stanley provided color on Penn National Gaming PENN. In a research report published today, Morgan Stanley commented on the company's agreement with the state of Ohio. In the report, Morgan Stanley states, "PENN's agreement with the state of Ohio is better than investors feared, and we expect the stock to react positively on this news. While we expect a $1-2-per-share benefit from the Ohio deal, our PT is unchanged, as upside from the legalization of racinos is still uncertain... We forecast 50% EBITDA growth over the next 2.5 years, the highest rate in our gaming universe and 2x consensus projections, driven largely by its under- appreciated projects opening in Ohio." At the moment, Morgan Stanley has an Overweight rating placed on the company's stock. On Friday, Penn National closed the week at $37.11, or 0.19% above Thursday's close.