BofA upgraded Penn Entertainment to Buy from Neutral with a price target of $30, up from $27. The firm thinks ESPN Bet “creates an asymmetric risk-reward,” noting that initial download and app activity have been much stronger than anticipated and its initial offers are showing promotional discipline, while also citing stable Q3 earnings being better than expected for Penn’s core gaming business. The firm’s target attributes $20-$25 for the base business and $8 per share for ESPN Bet optionality, the analyst noted.
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- Penn Entertainment price target lowered to $22 from $24 at Morgan Stanley
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