UPDATE: JMP Securities Starts Penn National Gaming (PENN) at Market Outperform, 'PENNciling in Upside for Shares'
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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."
Shares of Penn National Gaming closed at $32.32 yesterday.
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