Truist analyst Barry Jonas upgraded Penn Entertainment to Buy from Hold with an unchanged price target of $23. The analyst sees zero to negative value ascribed for ESPN Bet at current trading levels. Penn expectations are too low, and the market is not only “too bearish” on ESPN Bet but is also assuming no value for the company’s other profitable interactive businesses, the analyst tells investors in a research note. The firm cites the stock’s risk/reward for the upgrade.
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