Morgan Stanley analyst Thomas Allen said he views Penn National's FY20 guidance as conservative following the company's stronger than expected Q4 results. He had previously valued Penn's sports betting opportunity at $7 per share, but he has doubled his view of this opportunity to $14 per share as he sees the Barstool Sports acquisition helping the company to achieve 10% direct market share of his estimate of the $5B 2025 online sports betting market. Allen raised his price target on Penn shares to $39 from $33 and keeps an Overweight rating on the stock.

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