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Fly News Breaks for January 30, 2020
PENN
Jan 30, 2020 | 16:33 EDT
Deutsche Bank analyst Carlo Santarelli downgraded Penn National Gaming to Hold from Buy with a price target of $32, up from $27. The stock has moved "too much too fast" and is due for a "breather," Santarelli tells investors in a research note. The analyst, who says the downgrade is not an indictment of the Barstool deal, which he views as a "strategic customer acquisition play," says that when investor sentiment shifts, the market is likely to realize that Penn National is several years from the sports book vertical adding meaningful profits.
News For PENN From the Last 2 Days
PENN
Apr 16, 2024 | 09:48 EDT
PENN
Apr 16, 2024 | 07:23 EDT
As previously reported, Benchmark analyst Mike Hickey initiated coverage of Penn Entertainment with a Hold rating and no price target. While the firm has concerns about the ability of ESPN Bet to significantly influence the U.S. online sports betting market, it also thinks these issues are already reflected to "some degree" in the company's current valuation and contends that given the "diminished valuation" that shares could see a potential valuation reset if ESPN Bet can gradually capture a material market share.
