Penn Entertainment price target lowered to $18 from $21 at Wells Fargo

Wells Fargo lowered the firm’s price target on Penn Entertainment to $18 from $21 and keeps an Equal Weight rating on the shares. Penn’s Q1 land-based results were in line, while Interactive was slightly below forecast, the analyst says. The company lowered its EBITDAR guidance for FY24, with Interactive monetization an issue and ESPN Bet prospects remain uncertain, Wells says. The firm remains skeptical of Penn’s interactive strategy and execution.