Stifel upgraded Penn Entertainment (PENN) to Buy from Hold with a price target of $21, up from $19. The firm says its “value-unlock thesis” was predicated on an ESPN Bet exit and pivot to an internet casino-led digital strategy. This was confirmed yesterday ahead of schedule, the analyst tells investors in a research note. Stifel sees room for Penn shares to “grind steadily” into the $20s.
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