PENN Entertainment Analysts Cut Their Forecasts Following Weak Results
Portfolio Pulse from Avi Kapoor
PENN Entertainment (NASDAQ:PENN) reported Q4 results below expectations with revenue of $1.4 billion against a consensus of $1.53 billion and a loss of $1.75 per share versus an expected loss of 52 cents. The company's shares dropped 13.8% following the announcement. Analysts from Needham and Macquarie adjusted their price targets for PENN, with Needham reducing it from $33 to $32 and maintaining a Buy rating, and Macquarie cutting it from $35 to $33 while keeping an Outperform rating.
February 16, 2024 | 1:57 pm
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PENN Entertainment reported disappointing Q4 results, leading to a significant stock price drop and adjusted analyst price targets.
The reported earnings significantly missed expectations, which directly resulted in a sharp decline in PENN's stock price. Analysts' adjustments to price targets reflect a recalibration of expectations but also suggest a belief in the company's long-term value, indicating mixed short-term impacts but potentially stabilizing factors.
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IMPORTANCE 90
RELEVANCE 100