Truist lowered the firm’s price target on Penn Entertainment to $25 from $30 and keeps a Hold rating on the shares as part of a broader research note on Gaming ahead of the sector’s Q3 earnings season. Gaming fundamentals remain resilient, and while regional land-based revenues are largely flattish Y/Y on tough comps, the Strip continues to shine, the analyst tells investors in a research note. Truist added that the firm has been looking for real consumer stress to no avail for over 2 years, though now the question is whether it finally starts to show due to record-high interest rates, student loan repayments, and potential further gas price hikes.
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