Jefferies Has Buy Rating On Pinnacle Entertainment (PNK)

Jefferies & Co. has a Buy rating on shares of Pinnacle Entertainment, Inc PNK. In a note to investors, Jefferies writes, "Pinnacle Entertainment (PNK, $13.38, Buy) announced the name of the company's Baton Rouge development project as L'Auberge Casino & Hotel Baton Rouge, which the company has selected in order to extend the brand of their flagship L'Auberge du Lac resort in Lake Charles, Louisiana. Pending no further delays in construction of the facility, including any impact from the rising Mississippi River, PNK expects L'Auberge Baton Rouge to open in summer of 2012. We view PNK's selection of the L'Auberge name as a branding tool for the Baton Rouge resort as an important step in the company's evolution. Based on our conversations with management during our recent investor field trip, we believe the caliber of product and service offerings in Baton Rouge should be commensurate with those of L'Auberge du Lac in Lake Charles given the company's targeted focus on attracting patrons from the Beau Rivage demographic, as well as the more affluent parishes in and surrounding Baton Rouge." Shares of PNK lost 52 cents yesterday to close at $13.38, a loss of 3.7%.