PENN Entertainment Inc (PENN) PT Raised to $22 at Mizuho

Mizuho analyst Ben Chaiken raised the price target on PENN Entertainment Inc (NASDAQ: PENN) to $22.00 (from $19.00) while maintaining a Outperform rating.

The analyst commented: "Headed into the 4Q print we flagged PENN as a compelling idea with attractive risk/reward, note here (link). We believe that was somewhat supported by 4Q earnings, where PENN gave a solid interactive outlook, solid retail outlook, and compelling FCF guide, suggesting $3/share (or a 20% yield even after the move post earnings). With retail stable/growing, and interactive improving, we believe the shares remain attractive.

FCF in '26 is protected by the OBBB as well as NOL's, and we expect '27 to also have a benefit. As of YE25, PENN had Federal NOL's of $192m and $1.7bn of State NOL's, suggesting no cash taxes in '26 and a relatively small cash bill in '27. We maintain our Outperform rating and revise our PT to $22 (was $19)."

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