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UPDATE: JMP Securities Starts Penn National Gaming (PENN) at Market Outperform, 'PENNciling in Upside for Shares'

June 28, 2022 3:11 AM EDT
Get Alerts PENN Hot Sheet
Price: $34.07 +1.19%

Rating Summary:
    24 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
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(Updated - June 28, 2022 4:25 AM EDT)

JMP Securities analyst Jordan Bender initiates coverage on Penn National Gaming (NASDAQ: PENN) with a Market Outperform rating and a price target of $52.00.

The analyst comments "Online built differently. PENN continues to differentiate its online product from the competition, mainly relying on its Barstool and theScore media platforms as a tool of customer acquisition. Barstool complements PENN’s casino database to create customizable content and product for a younger, more football-focused audience, a similar demographic to the OSB player. As competitors invest billions into realmoney gaming, we continue to expect PENN to leverage its media and casino cross-sell channels, resulting in a 2020-'23E cumulative EBITDA loss of <$50M. Overall, we see online EBITDA of -$5M/+40M in 2023/2024E, respectively; every 1% of market share equates to $4/share."

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 $32.32 yesterday.


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