Morgan Stanley downgrades Penn National and DraftKings after big runs for both stocks

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to equal weight from overweight after a strong run for both stocks, saying in a note that the hot streak has run its course.

"DKNG and PENN have both more than doubled since the start of the year. While we think a lot of the increased value is valid, we are concerned investors' expectations are too high and see 6 potential negative catalysts through" the end of the year, the note said.

 

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