As previously reported, BofA/Merrill downgraded Penn National to Neutral from Buy and lowered its price target to $17 from $23 on shares. Analyst Shaun Kelly said Penn will have the highest leverage in the group once it incorporates Gaming and Leisure Properties' (GLPI) lease rental payments and given the current credit markets, does not expect the Jamul tribe to be able to refinance Penn's $390M loan near-term. Additionally, the analyst said Penn's Massachusetts slot parlor at Plainridge continues to disappoint.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.

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Truist upgraded Penn Entertainment to Buy from Hold with an unchanged price target of $23.