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Investing.com - Morgan Stanley has reiterated an Equalweight rating and $17.00 price target on PENN Entertainment Inc (NASDAQ:PENN) following an investor and analyst event in the Chicago area. The stock, currently trading at $17.74, sits near the lower end of analyst targets ranging from $17 to $30, according to PENN">InvestingPro data.
The investment bank attended PENN’s event which showcased the company’s recently opened new land-based casino in Joliet, Illinois, along with a tour of an upcoming project in Aurora.
Morgan Stanley expressed increased confidence that PENN is investing to reposition its properties to remain competitive in what it described as a dynamic environment.
Despite the positive repositioning efforts, the investment firm noted that incremental returns from these investments remain uncertain at this time.
The bank also highlighted ongoing competitive pressures in the gaming industry, suggesting that any upside for PENN could prove fleeting, while additional capital projects might emerge in the future.
In other recent news, Penn Entertainment Inc. reported strong financial results for the second quarter of 2025, with earnings per share reaching $0.10, far surpassing the expected loss of $0.02. The company also reported revenue of $1.77 billion, exceeding the anticipated $1.73 billion. Despite this strong performance, the company’s adjusted EBITDAR of $392.1 million slightly missed the consensus estimate of $392.8 million. Following these results, JMP Securities raised its price target for Penn Entertainment to $25, maintaining a Market Outperform rating. Conversely, Needham lowered its price target to $22 due to weaker-than-expected interactive handle trends, though it kept a Buy rating on the stock. Stifel and Benchmark both maintained their Hold ratings on the company, with Stifel setting a price target of $19. Additionally, Penn Entertainment’s new Hollywood Joliet casino opened recently, with plans for another location in Aurora by the first half of 2026. These developments highlight Penn Entertainment’s ongoing strategic initiatives and financial performance.
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