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Penn Entertainment Upgraded After Analyst Challenges ESPN Bet’s Zero Valuation

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Analysts upgraded sports betting and casino operator PENN Entertainment (NASDAQ:PENN) based on the valuation of sportsbook ESPN Bet.

The PENN Analyst: Truist analyst Barry Jonas upgrades Penn Entertainment from Hold to Buy and has a price target of $23.

The Analyst Takeaways: Penn Entertainment launched ESPN Bet in November 2023 through a licensing deal with ESPN owner The Walt Disney Company (NYSE:DIS).

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Jonas believes Penn stock is trading with no value assigned to ESPN Bet in a sum-of-the-parts calculation.

“We’re upgrading Penn to Buy, largely on risk/reward, given we effectively see zero to negative value ascribed for ESPN Bet at current trading levels,” Jonas said.

The analyst previously downgraded the stock in August 2023 with risks on the timeline of launching …

Full story available on Benzinga.com

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