Shares of most major casino companies were higher on Tuesday with the overall market, but
Penn National Gaming
was trading lower after it received a downgrade.
Justin Sebastiano of Morgan Joseph downgraded Penn to hold from buy. He put a buy rating on the stock in March, noting its solid balance sheet and well-run casinos and racinos.
Since that time, the market has caught up, according to the analyst, and the gap between Penn's stock price and $25 price target has narrowed. Shares were down 2% to $27.01 in recent trading Tuesday. The stock has risen 60% since Sebastiano's last report.
"Let us be clear, Penn National is still one of our favorite casino operators, but the stock is not, at these levels," Sebastiano wrote.
was higher by 6.6% to $5.35.
Las Vegas Sands
was up 6.2% to $4.93.
was up 4.9% to $5.63.
was up 1.8% to $30.99.
was up 1.7% to $14.02.
Melco Crown Entertainment
was down 0.2% to $4.20.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.