Roth MKM analyst Edward Engel raised the firm’s price target on Penn Entertainment to $35 from $33 but keeps a Neutral rating on the shares. The company is among a select group of U.S. iGaming operators that expect positive EBITDA for FY23, but despite the Barstool/Digital segment’s contribution, its consolidated EBITDA is expected to remain flat, the analyst tells investors in a research note. The firm adds that unless Penn gains significant online sports-betting / iGaming market share, this segment is "no more than a slight incremental growth driver" within a mature gaming portfolio.
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Published first on TheFly
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