JMP reiterates Market Outperform rating on PENN Entertainment stock

Investing.com - JMP Securities has reiterated its Market Outperform rating and $25.00 price target on PENN Entertainment Inc (NASDAQ:PENN), which currently trades at $22.02. The company has shown remarkable momentum, with shares surging over 100% in the past six months. According to InvestingPro data, PENN is currently trading near its 52-week high of $22.55.

The firm analyzed betting odds across NFL Week 3 games, comparing traditional sportsbooks like FanDuel and DraftKings with betting exchange Kalshi. JMP tracked 30 data points for money-line bets and over/under wagers on Friday, September 19.

JMP found that Kalshi’s pricing, when including transaction fees, remained worse than traditional sportsbooks on average, though the gap has narrowed. The analysis focused on pre-game odds across these platforms.

The research firm stated it does not currently view betting exchanges as a competitive threat to profitability for existing operators in legal sports betting states, including PENN Entertainment, DraftKings, Flutter, MGM Resorts, Caesars Entertainment, and Rush Street Interactive.

JMP does not expect to see reactionary promotions or marketing from established sportsbooks in response to betting exchanges like Kalshi.

In other recent news, Rush Street Interactive reported its second-quarter 2025 earnings, significantly surpassing market forecasts. The company achieved an earnings per share of $0.11, outperforming the expected $0.06, and recorded revenue of $269 million, exceeding the anticipated $249.65 million. Following these results, Needham raised its price target for Rush Street Interactive from $17 to $21, maintaining a Buy rating. Similarly, Benchmark increased its price target for the company from $20 to $24, also keeping a Buy rating, citing strong user growth and monetization momentum in the third quarter.

In another development, Rush Street Interactive appointed Shubham Tyagi as its new Chief Technology Officer. Tyagi, who brings over two decades of experience, will be part of the senior leadership team, reporting directly to CEO Richard Schwartz. Meanwhile, Rogers Sugar declared a quarterly dividend of $0.09 per share, payable on October 15, 2025, to shareholders recorded by September 26, 2025. The company confirmed that this dividend qualifies as an eligible dividend under Canadian tax regulations.

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