J.P. Morgan Ups PT On PNK To $20

J.P Morgan is adjusting its price target slightly on Pinnacle Entertainment PNK, moving it from $19 to $20 in advance of 2Q earnings results. In the repot, J.P. Morgan writes, “We are increasing our 2Q11 estimates due to better-than-expected gross gaming revenue results at PNK's L'Auberge du Lac and St. Louis properties (Lumiere Place and River City). Our revenue, EBITDA, and EPS estimates of $294.8m, $63.1m, and $0.15, respectively, compare favorably to the Consensus of $289.9m, $60.3m, and $0.07. Our year-end 2011 price target increases to $20, up from our prior $19 target. PNK will host its 2Q11 earnings call on Wednesday, August 3, at 10AM ET.” J.P. Morgan remains Overweight on the stock. PNK closed at $15.24 yesterday.