After a very strong run since we added it to Investing Ideas on May 26th, we are removing Penn National Gaming (PENN) from Investing Ideas today. Shares are up approximately +9% since we added it, versus -3.8% for the S&P 500.
Here's an update from Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan:
We are still constructive on PENN's long term prospects. The stock has performed well and the valuation now looks reasonable rather than cheap. Most of the catalysts have come to fruition, near term earnings look in line with estimates, and we await a better entry point or the emergence of additional catalysts to revisit the long idea.