Needham lowered the firm’s price target on Penn Entertainment to $33 from $44 and keeps a Buy rating on the shares. The analyst cites lower property level estimates, though the firm also notes that “the wait is almost over” regarding the launch of ESPN Bets coming on November 14th. The convergence of sports betting and sports media has the potential to be a powerful combo for Penn Entertainment, Needham adds.
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- Penn Entertainment price target raised to $32 from $30 at Barclays
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