Morgan Stanley Previews PENN 2Q

Morgan Stanly has issued a report previewing Penn National Gaming's PENN 2Q results. In the report Morgan Stanley writes, "We expect recent momentum in PENN to continue as (1) same-store 2Q results come in above consensus and (2) consensus estimates rise significantly in advance of its Ohio openings in 2012. We believe the opening of its Ohio properties will drive the next leg of the PENN growth story toward our Bull Case estimates." PENN has an Overweight Rating and closed at $39.94 a share yesterday.