Deutsche Bank says to sell Penn Gaming, stock has become overvalued 'internet meme'

David Portnoy, Barstool Sports
Scott Mlyn | CNBC

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Penn National Gaming's more than 180% increase this year is being driven by "unfounded 'expectations,'" Deutsche Bank said Thursday as it reiterated its sell rating on the stock.

"We believe the fundamental and valuation support under PENN is lacking," analyst Carlo Santarelli wrote in a note to clients, adding that he anticipates "a considerable contraction in shares" once investors account for the limitations in the sports betting and iCasino themes. 

To be exact, he envisions shares wiping out more than half of their value.