Getty Images / Cliff Hawkins An influx of retail-investor interest in Penn National Gaming boosted shares too far, too fast, Deutsche Bank said Thursday.The bank's analysts lifted their price target for Penn National Gaming shares on Thursday to $31 from $22, implying a 57% plunge over the next 12 months.While Penn National's improvements to operating costs show promise, the stock has transformed "into an internet meme of sorts" without the fundamentals to support its rally, the analysts said.Few states are interested in passing online gambling legislation, and the company's total addressable market is smaller than bullish investors realize, they added.Watch Penn National trade live here.Penn National Gaming shares are up more than 800% from their mid-March trough, but Deutsche Bank doesn't think the rally will hold.Analysts Carlo Santarelli and Steven Pizzella raised their price target to $31 from $22 on Thursday, implying shares will tumble 57% over the next 12 months from Wednesday's close.

 

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