UPDATE: Jefferies Upgrades Penn National Gaming (PENN) to Buy

May 18, 2022 4:01 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 - May 18, 2022 4:04 AM EDT)

Jefferies analyst David Katz upgraded Penn National Gaming (NASDAQ: PENN) from Hold to Buy with a price target of $49.00.

The analyst comments "We upgrade PENN to Buy from Hold on the recent weakness, which has reduced the shares to a $30 level that comfortably reflects the stable cash generation of the landbased casino business (<10X FCF), while assigning de minimis value for the digital prospects. At the same time, we believe Mgt. is progressing to more a cohesive strategic plan for digital including Barstool, theScore and combined technology, which we believe could demonstrate returns in time."

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 $30.92 yesterday.

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