Bernie McTernan, an analyst from Needham, maintained the Buy rating on PENN Entertainment. The associated price target remains the same with $25.00.
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Bernie McTernan has given his Buy rating due to a combination of factors including PENN Entertainment’s recent financial performance and strategic developments. The company reported a 2% increase in revenue, surpassing expectations, while its Adjusted EBITDAR was in line with consensus estimates. This indicates a stable financial position and effective cost management.
Additionally, property-level revenues showed a year-over-year increase, particularly in markets without new supply, reflecting strong market presence and growth potential. The interactive segment also performed well, reaching the top end of the guidance range. Furthermore, upcoming enhancements to their interactive products, especially for the NFL season, and potential synergies from ESPN’s acquisition of NFL Network, suggest promising future prospects for PENN Entertainment.
In another report released on August 5, Susquehanna also maintained a Buy rating on the stock with a $27.00 price target.