Penn National Gaming (PENN) PT Raised to $100 at Piper Sandler; Matches 'Street High'

Piper Sandler analyst Yung Kim raised the price target on Penn National Gaming (NASDAQ: PENN) to a 'Street High' $100.00 (from $84.00) while maintaining an Overweight rating after New York Gov. Andrew Cuomo raised the prospect of legalized online/mobile sports betting although questions still loom.

The analyst commented, "We estimate the New York market to be worth about $650M, based on the New York population and a conservative avg. rev. per resident of ~$34. However, questions remain on how the state would manage the industry. Gov.Cuomo published a statement Wednesday morning opening the door to legal online sports betting with platforms tied to existing land-based casinos, similar to New Jersey. In the afternoon, he intimated that the New York Lottery would be the sole manager, which is similar to Oregon and New Hampshire. Enacting any law will demand extensive debate. However, we do see potential for multiple positive outcomes, including further legislative momentum for the industry as a whole."

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