From Benzinga's Sports Betting & Gaming Conference: Macquarie's Head Of US Research, Chad Beynon On PENN Entertainment Says App Has Gotten Better; Due Diligence Tells Up App Moved Up In Rankings; Wont See Most Impact Until NFL; Since We Saw 3 Downgrades, I Think That Is Floor; Upside Is Coming From ESPN Bet; $28 Price Target Could Be Higher
Portfolio Pulse from Benzinga Newsdesk
At Benzinga's Sports Betting & Gaming Conference, Macquarie's Head of US Research, Chad Beynon, discussed PENN Entertainment. He noted improvements in PENN's app and its rise in rankings. Beynon believes the impact will be more visible during the NFL season and sees potential upside from ESPN Bet. Despite recent downgrades, he considers the $28 price target as a floor, with potential for it to be higher.
May 16, 2024 | 3:17 pm
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Macquarie's Chad Beynon highlighted improvements in PENN Entertainment's app and its rise in rankings. He expects significant impact during the NFL season and sees potential upside from ESPN Bet. Despite recent downgrades, he considers the $28 price target as a floor, with potential for it to be higher.
Chad Beynon's positive outlook on PENN Entertainment, citing app improvements and potential from ESPN Bet, suggests a bullish sentiment. The $28 price target is seen as a floor, indicating potential for higher valuation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100