| Friday | ||||
Welcome to latest edition…
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WynnBET, the casino and… WynnBET, the casino and sports betting app from Wynn Resorts, announces that is has increased its market access to seven states. Most recently, WynnBET entered into a multi-year market access partnership with Elite Casino Resorts, an integrated resort company in Iowa. The partnership will give fans in the Hawkeye State access to WynnBET for mobile sports betting licensed by Elite's Riverside Casino and Golf Resort, the company noted. "WynnBET is currently available in New Jersey and Colorado, and will soon open its virtual doors in Michigan. In addition, WynnBET has secured market access in Indiana, Iowa, Nevada, and Massachusetts; and has submitted for licensure in Tennessee and Virginia. To meet the demands of the quickly moving iGaming industry, WynnBET is fast-tracking discussions regarding market access in more than a dozen other large jurisdictions to be announced. Combined, the Company's secured and prospective market access would position WynnBET to reach approximately two-thirds of the addressable online bettors in the United States," Wynn said. | ||||
MoffettNathanson analyst… MoffettNathanson analyst Michael Nathanson raised the firm's price target on Fox Corp. to $40 from $38 and keeps a Buy rating on the shares. The analyst believes there will be a rebound in the advertising market during 2021 led by digital and that linear TV "will be strong." | ||||
| Thursday | ||||
Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FuelCell (FCEL) downgraded to Underweight from Neutral at JPMorgan with analyst Paul Coster citing valuation. 2. Urban Outfitters (URBN) downgraded to Underweight from Neutral at JPMorgan with analyst Matthew Boss saying weaker store traffic constrained the holiday performance. 3. Penn National (PENN) downgraded to Sell from Hold at Loop Capital with analyst Daniel Adam saying the stock has outperformed over the past year with a rise of about 300% on investors' hope that the company can successfully capitalize on the growing online gaming opportunity in the U.S., but the magnitude is likely unwarranted. 4. Ollie's Bargain Outlet (OLLI) double-downgraded to Underperform from Buy at BofA with analyst Jason Haas saying he is increasingly concerned with the "sourcing environment", stating that his recent industry research suggests that the availability of closeout merchandise is lower than expected. 5. Delta Air Lines (DAL) downgraded to Neutral from Positive at Susquehanna with analyst Christopher Stathoulopoulos saying Delta remains "best-in-class among the network carriers," but he sees better risk-reward in shares of Southwest (LUV) and Alaska Air (ALK) given Delta's international exposure and business traffic. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Truist analyst Barry… Truist analyst Barry Jonas raised the firm's price target on Boyd Gaming to $60 from $46 and keeps a Buy rating on the shares as part of a broader industry note into gaming. The industry's Q4 results may be soft, but the management commentary will focus on vaccine distribution that should ramp over the next few quarters, opening up a "tidal wave of pent-up demand for in-person social engagement and experiences", the analyst tells investors in a research note. | ||||
Truist analyst Barry… Truist analyst Barry Jonas raised the firm's price target on Penn National to $120 from $85 and keeps a Buy rating on the shares as part of a broader industry note into gaming. The industry's Q4 results may be soft, but the management commentary will focus on vaccine distribution that should ramp over the next few quarters, opening up a "tidal wave of pent-up demand for in-person social engagement and experiences", the analyst tells investors in a research note. | |
Truist analyst Barry… Truist analyst Barry Jonas raised the firm's price target on Caesars to $92 from $85 and keeps a Buy rating on the shares as part of a broader industry note into gaming. The industry's Q4 results may be soft, but the management commentary will focus on vaccine distribution that should ramp over the next few quarters, opening up a "tidal wave of pent-up demand for in-person social engagement and experiences", the analyst tells investors in a research note. | |
Truist analyst Barry… Truist analyst Barry Jonas raised the firm's price target on DraftKings to $60 from $48 but keeps a Hold rating on the shares as part of a broader industry note into gaming. The industry's Q4 results may be soft, but the management commentary will focus on vaccine distribution that should ramp over the next few quarters, opening up a "tidal wave of pent-up demand for in-person social engagement and experiences", the analyst tells investors in a research note. | |
Craig-Hallum analyst Ryan… Craig-Hallum analyst Ryan Sigdahl notes that strong December NJ gaming data capped off a breakout year for sports betting. The analyst raised his price target on DraftKings (DKNG) to $65 from $60, Penn National (PENN) to $120 from $90, Scientific Games (SGMS) to $60 from $45 and Rush Street Interactive (RSI) to $26 from $23 to $26. He has Buy rating son all the names. | |
GAN Limited announced… GAN Limited announced that it has signed its first Letter of Intent with an existing client to provide its new 'Coolbet' sportsbook engine, which is currently being technically integrated for U.S. deployment by GAN, for operational rollout in the Commonwealth of Virginia as an internet-only mobile-first sports betting experience, subject to regulatory approvals and operator client licensure. The LOI is non-binding and contingent on the client being awarded an Internet sports betting license in the Commonwealth of Virginia, as well as other factors. Jeff Berman, Chief Commercial Officer of GAN, commented: "Since we announced our acquisition of Coolbet in November, we have seen significant interest from both current and prospective clients in our newly acquired sportsbook engine and associated managed trading services. Principle integration of this new offering into our industry-leading B2B technology platform is now underway and expected to be operationally deployed here in the U.S. with the expected launch of online sports wagering in the Commonwealth of Virginia. We are excited to further expand our relationship with this current partner, which has applied for an Internet sports betting license in the Commonwealth of Virginia, citing GAN as their nominated platform provider. This agreement further validates our strategic decision to expand our platform capabilities through the acquisition of Coolbet. We look forward to the exciting opportunities we expect to see in 2021 as we bring our augmented platform solution into the U.S. market that now includes one of the best sports betting technologies and end user customer experience operating in the world today." |