Penn Stock Analyst Turns Bullish On ESPN Bet Strength, Casino Improvements: ‘Favorable Risk-Reward’
PENN Entertainment (NASDAQ:PENN) received a Wall Street upgrade Friday on a positive outlook for both its casino and sports betting segments.
The PENN Analyst: JPMorgan analyst Joseph Greff upgraded shares of Penn from Neutral to Overweight and raised the price target from $19 to $27.
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The Analyst Takeaways: Penn has a favorable risk-reward going forward, Greff said in a new investor note.
The analyst said there is a sightline to the “bottoming of its regional land-based casino cashflow generation” and a path to modest growth for its retail projects.
“In addition, we see reasonably set expectations for near-term Interactive (OSB and iGaming) losses for the 4Q24 and 2025 with buy-side expectations for modestly positive EBITDA generation in 2026,” Greff said.
Greff said ESPN Bet continues to be one of the biggest drivers for …
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