Penn Entertainment price target raised to $25 from $24 at Susquehanna

Susquehanna raised the firm’s price target on Penn Entertainment (PENN) to $25 from $24 and keeps a Positive rating on the shares. The firm believes the outcome of the proxy contest, likely to be announced June 17, will be anticlimactic for the stock, with a high probability of two new board members and a low probability of three new board members, and does not see any material strategy change in any scenario, the analyst tells investors in a research note. Penn’s mid-course digital strategy shift was “painful” for the stock and slower progress, but necessary to course-correct over time, the firm says.