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.

Elsewhere,

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.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

If you liked this article you might like

Penn National Gaming, Wynn Resorts: 'Mad Money' Lightning Round

Valuation Is in the Eye of the Buyer: Cramer's 'Mad Money' Recap (Tuesday 4/4/17)

Bullish and Bearish Reversals for This Week

Five Stocks Breaking Out of Weekly Technical Chart Patterns

Carnival, Network Appliance, Schlumberger, Randgold: 'Mad Money' Lightning Round