Fly News Breaks for August 2, 2019
Aug 2, 2019 | 08:15 EDT
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.
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