Investment firm Sterne Agee maintained a buy rating on shares of Penn National Gaming (PENN: 30.68 +2.57%) on Friday following second quarter results that beat analysts’ expectations.

“Yesterday, PENN reported 2Q10 EBITDA of $148.2 million, ahead of our expectation for $142.5 million and consensus expectations for approximately $142 million.” said analysts.

The firm also indicated that Penn’s recent addition of table games at the Hollywood Casino at Charles Town Races in West Virginia and Hollywood Casino at Penn National Race Course in Pennsylvania as well as a slots casino scheduled to open in Maryland during the third quarter were positive indications that they have the potential to beat their own full year predictions.

“The Company raised full year CY10 guidance slightly ahead of consensus. We believe guidance could be conservative.” Sterne said.

Sterne Agee also raised its target price on PENN stock to $37.00.

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