Morgan Stanley lowered the firm’s price target on Penn Entertainment to $21 from $23 and keeps an Equal Weight rating on the shares. The firm adjusted estimates for casino gaming operators who reported EPS the last two weeks and to reflect its latest online sport betting and iGaming total addressable market forecasts. Q4 results broadly were above the firm’s and consensus expectations on solid trends across most sub-segments, coupled with better than feared regional results, the analyst tells investors in a group recap note.
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