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Upgrade Alert for Penn National Gaming (PENN)

By Amy Schwartz

Penn National Gaming (NASDAQ:PENN) was upgraded from Neutral to Outperform at Macquarie today. The stock closed yesterday at $13.93 on volume of 1.5 million shares, above average daily volume of 798,000.

Over the past year, Penn National Gaming has traded in a range of $12.51 to $20.23 and closed yesterday at $13.95, 12% above that low. The 200-day and 50-day moving averages have moved 0.36% lower and 1.35% higher over the past week, respectively.

Potential upside of 50.2% exists for Penn National Gaming, based on a current level of $13.95 and analysts' average consensus price target of $20.96. The stock should find initial resistance at its 50-day moving average (MA) of $15.78 and further resistance at its 200-day MA of $16.39.

Penn National Gaming, Inc. owns and operates Charles Town Races in West Virginia which features slot machines, casinos in Mississippi, and a riverboat gaming facility in Louisiana. The Company also owns racetracks and off-track wagering facilities in Pennsylvania, as well as manages a gaming facility in the Province of Ontario, Canada.

SmarTrend recommended that its subscribers protect gains by selling shares of Penn National Gaming on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $16.00. Since that call, shares of Penn National Gaming have fallen 14.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades penn national gaming

Ticker(s): PENN