Morgan Stanley analyst Thomas Allen said Penn National reported what he views as a series of positive news, including "strong" Q2 results, "attractive" sports betting partnerships, and a "logical" CEO promotion that should help preserve the company's strong execution. He had been slightly concerned that Penn was signaling it would enter the online sports betting market alone, but management indicated on yesterday's call that partnership discussions were ongoing and it may use a well-known sports brand through an affiliate or licensing deal, noted Allen. He keeps an Overweight rating and $27 price target on Penn National shares.
Welcome to the latest edition of "Bet On It," where The Fly looks at news and activity in the sports betting and iGaming space. SECTOR RECAP: Nevada reported... To see the rest of the story go to thefly.com. See Story Here
Nevada reports February Las Vegas Strip gaming win up 12.4% to $800.75M versus last year. Publicly traded companies in the gambling space include Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (FLUT), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Sportradar (SRAD) and Wynn Resorts (WYNN).
Several competing stories have pushed shares of online sports betting names into negative territory on Wednesday. For one, the... To see the rest of the story go to thefly.com. See Story Here