BofA analyst Shaun Kelley downgraded Penn Entertainment to Neutral from Buy with a price target of $17.50, down from $28. The analyst cut estimates following Penn’s “disappointing” Q1 report saying ESPN Bet market share is below expectations and high fixed costs are driving elevated earnings risk for Q4 and 2025. In addition, Penn’s core business trends are lackluster and its rising balance sheet leverage increases execution risk, the analyst tells investors in a research note.
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