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Consumer spending at casinos is slowing and visits are declining — and Wall Street’s forecasts for the industry haven’t always been in line with those trends, BofA analysts said in a note on Wednesday.
As those trends settle in, analysts at the firm downgraded both Penn Entertainment Inc. and Caesars Entertainment Inc. to neutral from buy. They also lowered their price target on Caesars to $55 from $60, and reduced their price target on Penn to $40 from $45.
Both…
