Penn in ‘good shape’ as theScore leadership step down, says BofA

BofA analyst Shaun Kelley notes that Penn Entertainment announced a leadership change in its Interactive division after the close last night, including that theScore’s Chairman, Penn Interactive’s Head, and VP of Marketing will all step down by April. While “disappointing at face,” turnarounds are never a straight line and the firm thinks investor expectations for Penn and ESPN Bet remain low. The firm, which thinks theScore team has navigated multiple major transitions for Penn and that they leave Penn in “good shape” as they start to ramp a more marketing/retention driven strategy following ESPN Bet’s 17 state rollout in November, reiterates a Buy rating and $30 price target on Penn shares.