From Benzinga's Sports Betting & Gaming Conference: Macquarie's Head Of US Research, Chad Beynon On PENN Entertainment Says Received Three Downgrades By Major Banks Past Month; They Acquired Score In Canada And Bar Stool Acquisition; Started Deal With EPSN Bet; ESPN Has Stock In PENN And Warrant; We Like It, Have $28 Price Target; Think Value On Land-Based Business Worth ~$20 And ESPN Bet Deal Worth $8
Portfolio Pulse from Benzinga Newsdesk
Macquarie's Head of US Research, Chad Beynon, discussed PENN Entertainment at Benzinga's Sports Betting & Gaming Conference. PENN has received three downgrades from major banks in the past month. They have acquired Score in Canada and Bar Stool, and started a deal with ESPN Bet. ESPN holds stock and a warrant in PENN. Macquarie has a $28 price target for PENN, valuing its land-based business at ~$20 and the ESPN Bet deal at $8.
May 16, 2024 | 3:15 pm
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PENN Entertainment has received three downgrades from major banks in the past month. They have acquired Score in Canada and Bar Stool, and started a deal with ESPN Bet. ESPN holds stock and a warrant in PENN. Macquarie has a $28 price target for PENN, valuing its land-based business at ~$20 and the ESPN Bet deal at $8.
Despite recent downgrades, Macquarie's positive outlook and valuation of PENN's land-based business and ESPN Bet deal suggest potential upside. The $28 price target indicates confidence in PENN's strategic acquisitions and partnerships.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100