Jefferies analyst David Katz downgraded Penn Entertainment to Hold from Buy with a price target of $34, down from $50. In the context of a recession, gaming stocks "will likely remain rangebound and out of favor," so Katz is narrowing focus to stocks with "a clear path to growth amidst a recession," with a continued preference for Las Vegas and Macau as well as regional operators with an identified growth pipeline.
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Read More on PENN:
- Penn Entertainment downgraded to Hold from Buy at Jefferies
- Penn Entertainment downgraded to Hold from Buy at Stifel
- Penn Entertainment price target lowered to $35 from $40 at BofA
- Nevada reports November statewide gaming win down 7.62% to $1.22B
- New Jersey reports November gaming revenue up 0.3% to $441.1M