Morgan Stanley said, "We believe optimism has been mounting that we will see a positive inflection in regional gaming trends and that PENN will be the biggest beneficiary (two PENN upgrades YTD and buy/sell-skew of 10:1). However, we do not believe there will be a recovery as there are several factors that point to continued weakness through '15. We expect that as sentiment shifts more negative, investors will begin to focus more on out-year cannibalization risk rather than just upside from future developments."