Shares of most major casino companies were higher on Tuesday with the overall market, but Penn National Gaming ( PENN) 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.


MGM Mirage ( MGM) was higher by 6.6% to $5.35.

Las Vegas Sands ( LVS) was up 6.2% to $4.93.

Boyd Gaming ( BYD) was up 4.9% to $5.63.

Wynn Entertainment ( WYNN) was up 1.8% to $30.99.

Ameristar Casinos ( ASCA) was up 1.7% to $14.02.

Melco Crown Entertainment ( MPEL) was down 0.2% to $4.20.
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