Penn Entertainment price target lowered to $33 from $35 at Macquarie

Macquarie analyst Chad Beynon lowered the firm’s price target on Penn Entertainment (PENN) to $33 from $35 and keeps an Outperform rating on the shares after the company reported a Q4 EBITDAR miss on larger-than-expected Interactive losses. Penn’s Interactive losses are similar to DraftKings’ (DKNG) largest quarterly loss during its customer acquisition push, and better than Caesars’ (CZR) loss, but those companies are expected to produce positive EBITDA this year, which highlights “the degree to which PENN is playing catchup,” the analyst tells investors.