Barclays analyst Brandt Montour keeps an Equal Weight rating on Boyd Gaming (BYD) after Reuters reported the company approached Penn Entertainment (PENN) about an acquisition. “We’re not completely surprised by this report, given this idea has been debated in the investor community for the last couple weeks,” the analyst tells investors in a research note. However, the firm doubts Penn is a willing seller at this time, and says the deal would likely include more challenges than benefits for Boyd. Barclays believes Penn has more confidence in ESPN BET’s ability to gain ground from here, versus what the market expects and its current share price implies. It also doubts Boyd would be interested in giving an optimistic valuation for Penn Interactive or credit shareholders with the company’s cumulative investment in digital to-date.
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