Stifel Raises Penn National Gaming (PENN) EPS 10% After CEO Non Deal Roadshow

Stifel analyst Steven M. Wieczynski reiterated a Buy rating and $108.00 price target on Penn National Gaming (NASDAQ: PENN) after hosting CEO, Jay Snowden, for a series of investor meetings. EPS Estimates for FY21E increase to $2.26, from $2.22, and FY22E increases to $2.59 from $2.29.

The analyst stated "Coming out of these meetings we feel incrementally positive about regional gaming trends across the majority of the country as we believe trends have remained strong thru May with customer length of stay and spend per visit continuing to be elevated. We are increasing our regional EBITDA estimates for 2021-2023 (with more of the lift in the out years as we were too conservative with certain margin assumptions) which reflects stronger revenue and margin performance. While PENN has been caught up in the sell-off with the broader online gaming operators, we think upside for the hyper growth sports betting/iGaming opportunity should disproportionately accrue to PENN given their one-of-a-kind approach to customer acquisition and marketing."

For an analyst ratings summary and ratings history on Penn National Gaming click here. For more ratings news on Penn National Gaming click here.

Shares of Penn National Gaming closed at $79.74 yesterday.

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