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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PENN:
- Warning! Penn National Gaming Stock (NASDAQ:PENN) Isn’t One to Gamble On
- Penn National Gaming (NASDAQ:PENN) Plunges after Catastrophic Earnings Report
- Penn Entertainment reports Q4 adjusted EPS ($1.75), consensus (51c)
- Penn Entertainment paid fair price for NY license, says Craig-Hallum
- Penn Entertainment to launch ESPN BET in New York in 2024