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Penn National Gains As Bullish Outlook For Gaming Brings Upgrades

Published 04/27/2021, 11:01 AM
Updated 04/27/2021, 11:05 AM
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – Penn National Gaming (NASDAQ:PENN) shares climbed more than 4% Tuesday after securing at least three upgrades in a week, citing the bright prospects for its gaming business.

After Goldman Sachs Group (NYSE:GS) last week raised its target for the stock to $158 while maintaining its buy, Needham initiated coverage of the stock with a buy on Monday and Redburn followed that up a day later.

Needham’s target of $151 for Penn stock is more than 60% higher than its current price of $94. The stock touched a high of $96.23 earlier in the session.

Goldman’s target is 68% higher than the stock’s current level.

"We are bullish on the online sports betting and iGaming TAM in the US and see the potential for PENN to take significant, profitable market share on the strength of Barstool's differentiated content-driven customer acquisition strategy," Needham’s analyst Bernie McTernan wrote in a note.

Penn acquired 36% equity in Barstool Sports, a digital sports, entertainment, lifestyle, and media company with over 66 million fans.

 

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