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Investing.com - Citizens has reiterated its Market Outperform rating on PENN Entertainment Inc (NASDAQ:PENN) with a price target of $25.00. Currently trading at $16.74, PENN’s stock price sits well below the average analyst target of $30.00, though InvestingPro analysis indicates the stock is trading near its Fair Value.
The financial services firm has included the Joliet and M Resort funding projects in its analysis, valued at $130 million and $150 million respectively.
Citizens noted it has not incorporated the Aurora ($225 million) and Columbus ($70 million) funding projects into its model as the capital allocation for these projects remains at PENN’s discretion.
Despite not formally including these additional projects in its financial projections, Citizens indicated its research suggests PENN will likely utilize the capital for the Aurora and Columbus developments.
The firm’s maintained Market Outperform rating signals continued confidence in PENN Entertainment’s growth prospects despite the selective approach to modeling future capital projects.
In other recent news, PENN Entertainment has received multiple ratings reiterations from various research firms. Both Citizens and JMP Securities have maintained their Market Outperform ratings on PENN Entertainment, with price targets set at $25.00. JMP Securities analyst Jordan Bender noted that PENN trades at a lower multiple compared to its historical average, suggesting potential undervaluation. Meanwhile, Morgan Stanley has reiterated its Equalweight rating with a $17.00 price target following an investor and analyst event in Chicago. The event highlighted PENN’s new land-based casino in Joliet, Illinois, and an upcoming project in Aurora.
DraftKings also saw Citizens reiterate its Market Outperform rating, maintaining a price target of $51.00. Citizens analyzed betting odds and operator pricing across NFL Week 5 games, comparing traditional sportsbooks with betting exchange Kalshi. In related industry news, ESPN is set to launch a redesigned app next week, featuring enhanced betting capabilities. The new app will include an ESPN Bet tab, allowing users to place new wagers and track existing bets alongside live events.
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