Penn Entertainment downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Penn Entertainment to Market Perform from Outperform without a price target. The integration of the in-house technology stack in the U.S. will be a "positive step" for the company’s online business, but will not be enough to offset the market share decline, the analyst tells investors in a research note. Th firm acknowledges the underperformance of the shares in the last year versus the SP500, but finds more attractive risk/reward profiles in other areas of the gaming sector. It views Penn as fairly valued at current levels.