PENN rises after J.P. Morgan upgrades to 'overweight', raises PT

PENN Entertainment

13/12/2024 14:35

(Updates)
    ** Shares of Casino operator PENN Entertainment  PENN.O  up
9% to $21.80 in early trade
    ** J.P. Morgan raises stock rating to "overweight" from
"neutral"
    ** "We see a favorable risk-reward for PENN, with its
regional land-based-casino stabilizing, and $850 mln investments
in retail growth projects expected to yield significant returns
beginning in 2H25 and beyond" - J.P. Morgan
    ** Brokerage also raises PT to $27 from $19, a 35% upside to
stock's last close 
    ** Ten of 21 brokerages rate the stock "buy" and 11 "hold";
their median PT is $22, according to data compiled by LSEG
    ** As of last close, stock down 23% YTD

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com))