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Analyst Deems Casino Stock’s Valuation ‘Appropriate’ – Schaeffer’s Investment Research

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Analyst Deems Casino Stock’s Valuation ‘Appropriate’ – Schaeffer’s Investment Research

Raymond James downgraded PENN to “market perform”

Raymond James downgraded PENN Entertainment Inc (NASDAQ:PENN) to “market perform” from “outperform” earlier today, with the analyst in question noting the security’s recent gains made its valuation “appropriate.” At last glance, PENN is 3.5% lower to trade at $18.66.

Shares remain above the recently supportive 20-day moving average, but the stock’s rally to its highest level since February ran out of steam near the $20 region. The shares are today on track for a third-straight daily loss, and carry a considerable 25.7% year-over-year deficit.

Bearish bets have been popular in the past 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PENN’s 50-day put/call ratio ranks higher than 88% of readings from the last 12 months.

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