Truist downgraded Penn Entertainment to Hold from Buy with a price target of $30, down from $33. The analyst downgrades the shares following yesterday’s rally as the firm believes the market will take time to digest the new deal with ESPN. Penn’s upside from ESPN Bet could be material, though there are “sizable execution risks that may not resolve soon,” the analyst tells investors in a research note. The firm advises waiting before adding to positions.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on PENN: