JPMorgan Is Bullish on Regional Gaming

JPMorgan is bullish on regional gaming, but downgraded Penn National in a note Thursday.
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JPMorgan is betting on regional gaming in 2017, naming Pinnacle Entertainment(PNK) - Get Report and Boyd Gaming(BYD) - Get Report as its top picks in the sector. The firm sees strong cash flow yields across the entire sector in 2017 and raised Pinnacle's price target to $18 from $17, while maintaining Boyd's $24 price target.

But Penn National Gaming(PENN) - Get Report was downgraded to neutral from overweight because of increased competition at its Charleston, W.V., casino from the recently opened $1.4 billion MGM(MGM) - Get Report National Harbor property in neighboring Maryland.