FMP

FMP

PENN Entertainment Stock Gains 6% on BofA Securities’ Upgrade

- (Last modified: Dec 19, 2023 5:49 PM)

twitterlinkedinfacebook
blog post cover photo

Image credit: FMP

Shares of PENN Entertainment (NASDAQ:PENN) witnessed a 6% increase intra-day today following an upgrade by BofA Securities, spurred by the early success of ESPN Bet.

Analysts raised the stock rating from Neutral to Buy, also increasing the price target from $27 to $30, suggesting over a 22% upside from the previous Friday's close.

The analysts' optimism is rooted in the performance of ESPN Bet, noting three key factors: strong initial app downloads and activity, promotional discipline, and stable Q3 earnings for PENN’s core gaming business.

The analysts highlighted ESPN Bet's rapid rise in app downloads and rankings, securing a consistent top #1 or #2 position among free iOS apps since the previous Tuesday. The app has garnered 865,000 downloads and maintains a high 4.8 rating in the app store, achievements made even before NFL Sunday data inclusion.

Despite these positive developments, the analysts believe PENN still needs to focus on three critical areas for continued success: user retention, technological infrastructure including in-game stability and diverse betting options, and expanding its market presence in various states, particularly in New York.

Other Blogs

Nov 22, 2024 5:08 AM - Parth Sanghvi

Fundamental Analysis: Principles, Types, and How to Use It

Fundamental analysis is one of the most essential tools for investors and analysts alike, helping them assess the intrinsic value of a stock, company, or even an entire market. It focuses on the financial health and economic position of a company, often using key data such as earnings, expenses, ass...

blog post title

Dec 17, 2024 8:58 AM - Sanzhi Kobzhan

Examining Tesla’s Financial Health Using FinancialModelingPrep’s Ratios API

Tesla, one of the world’s most talked-about electric vehicle manufacturers, attracts a lot of attention from investors and market watchers. By examining a snapshot of Tesla’s financial ratios—such as those provided by FinancialModelingPrep’s Ratios API—we can get a clearer picture of the company’s f...

blog post title

Dec 22, 2024 7:59 AM - Sanzhi Kobzhan

Two great Software Platform Stocks Similar to Palantir (PLTR)

When it comes to cutting-edge software and data analytics, Palantir Technologies (NYSE: PLTR) is often front and center. But for many investors, it’s important to consider alternative or complementary stocks in the same sector that may offer robust growth potential. As PLTR looks expensive (overvalu...

blog post title