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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, representing a potential 48% upside from the current price of $16.92. According to InvestingPro data, analyst targets range from $17 to $30, with PENN’s stock showing significant volatility in recent months.
The firm maintained its positive outlook on the gaming company amid what it describes as upcoming catalysts that could benefit the stock in coming quarters.
Citizens specifically identified project returns as one of the potential catalysts that could drive PENN’s performance in the near future.
The firm also highlighted capital allocation strategies as another factor that could positively impact the company’s outlook.
Additionally, Citizens noted that an exit from ESPN Bet represents another potential catalyst for PENN Entertainment in upcoming quarters. While currently unprofitable, InvestingPro analysts forecast the company will return to profitability this year. For deeper insights into PENN’s financial health and additional investment signals, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, PENN Entertainment has received continued support from financial analysts. Both Citizens and JMP Securities have reiterated their Market Outperform ratings for PENN Entertainment, each maintaining a price target of $25.00. Citizens’ analysis included funding projects valued at $130 million and $150 million, respectively, and evaluated betting odds across NFL games. JMP Securities highlighted that PENN Entertainment is trading below its long-term average EBITDA multiple, suggesting potential undervaluation. Additionally, ESPN is set to launch a redesigned app next week that will prominently feature betting functionalities. This new app will include an ESPN Bet tab, allowing users to place wagers and track their bets alongside live events. Meanwhile, DraftKings also saw Citizens reiterate its Market Outperform rating, with a price target of $51.00, as the firm analyzed betting odds and operator pricing. These developments reflect ongoing interest and analysis in the gaming and sports betting sectors.
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