Truist raises PENN Entertainment's PT on valuation

PENN Entertainment

14/06/2024 17:16

** Truist upgrades PT of casino gaming company PENN
Entertainment  PENN.O  to $25 from $23
    ** Brokerage says market is undervaluing company, points to
activist Donerail's letter to PENN on the same
    ** Adds co's sports betting venture ESPN Bet is "on track to
achieve key product milestones in time for football season"
    ** New price target represents 31% upside to stock's last
close
    ** 9 brokerages rate stock "buy" and 12 "hold"; their median
PT is $20 - LSEG data
    ** PENN stock falls 9.6% as Wall Street slips on cautious
Fed projections
    ** Stock has fallen ~34% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))