Penn Entertainment downgraded to Hold from Buy at Stifel

Stifel analyst Steven Wieczynski downgraded Penn Entertainment to Hold from Buy with a price target of $35, down from $45. The analyst believes the Las Vegas Strip momentum "should easily continue" through 2023 and into 2024. He sees more value with Macau and Las Vegas Strip operators versus pure play regional gaming operators. Risk that spend levels or margins will deteriorate moving forward will keep shares of Penn "in check for the time being," Wieczynski tells investors in a research note. He fear fears that consensus estimates are too aggressive at this point, and expects there might need to be some downward revisions moving forward.