Barclays raised the firm’s price target on Penn Entertainment to $32 from $30 and keeps an Overweight rating on the shares post the Q3 report. The firm says that while its Q4 estimates move lower on retail headwinds and more front-loaded ESPN BET losses, the company’s 3-year cumulative digital guidance better quantifies the floor for the coming digital drag. It sees a compelling risk/reward profile on the shares.
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