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Penn Entertainment’s Losses Could Be ‘Higher For Longer,’ Analyst Says

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Penn Entertainment Inc (NASDAQ:PENN) shares rose in early trading on Monday, even after shedding around 3% in premarket trading.

The company reported disappointing first-quarter results earlier this month and the ESPN Bet market share is now “too low,” according to BofA Securities.

The Penn Entertainment Analyst: Shaun Kelley downgraded the rating for Penn Entertainment from Buy to Neutral, while reducing the price target from $28 to $17.50.

The Penn Entertainment Thesis: The twin challenge with ESPN Bet is that the revenue is too low, while the fixed …

Full story available on Benzinga.com

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