Ameristar Casinos upgraded to ‘neutral’ from ‘underweight’

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Ameristar Casinos Inc. (Nasdaq:ASCA) was upgraded today by J.P. Morgan Securities to “neutral” from “underweight.” The upgrade was based on the possibility of a takeover offer, and it came on the heels of last Thursday’s announcement of the ending of Penn National Gaming Inc.'s (Nasdaq:PENN) $6 billion takeover deal. Analysts said this might make Ameristar an attractive investment for Penn. In spite of the upgrade, shares of Ameristar are trading only slightly up at $13.48, about 0.30% higher than Friday’s close. Trading volume is at more than 1.2 million shares, double the stock’s average.

For detailed price information and recent news stories on Ameristar Casinos Inc., click ASCA.