Truist analyst Barry Jonas lowered the firm’s price target on Penn Entertainment to $23 from $27 and keeps a Hold rating on the shares. The company reported a retail EBITDAR beat of over 5%, but its $334M of interactive losses was more than twice worse than initial guidance, the analyst tells investors in a research note. Risk/reward is more interesting on the stock at current trading levels, though the firm prefers to see further ESPN Bet proof points, Truist added.
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