UPDATE: J.P. Morgan Downgrades Penn Gaming and Initiates Neutral on Gaming and Leisure Following Penn Spin-off

In a report published Thursday, J.P. Morgan analyst Joseph Greff downgraded Penn National Gaming (NASDAQ: PENN ) from an Overweight rating to a Neutral Rating and moved the price target to $15.00. In the same report, J.P. Morgan analyst Joseph Greff initiated a Neutral rating on Gaming and Leisure