Truist analyst Barry Jonas lowered the firm’s price target on Penn Entertainment to $36 from $40 but keeps a Buy rating on the shares as part of a broader research note previewing the 2023 US Gaming Sector Outlook. Gaming has proven its resiliency and 2023 is not expected to be much different, the analyst tells investors in a research note, stating that gaming fundamentals will slow down only slightly and the improving Digital and the Vegas calendar could even drive some consolidated EBITDA growth. Jonas adds however that while he is positive on Penn as a first mover and beneficiary of cashless gaming, he also sees some competitive threats impacting properties.
Published first on TheFly
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