US casino gaming companies jump after Raymond James initiates coverage

PENN Entertainment

21/05/2024 13:18

** Shares of Caesars Entertainment  CZR.O  rise 2.4% to
$35.78, PENN Entertainment  PENN.O  advance 1.1% to $16.45 and
Boyd Gaming  BYD.N  climb 1.1% to $55.77 premarket
    ** Raymond James initiates coverage of CZR with "strong buy"
rating and PT of $55, making co its top pick
    ** Also initiates coverage of PENN and BYD with "outperform"
rating and PTs of $20 and $67, respectively
    ** Brokerage bullish on the sector after recent clearing
event in the stocks
    ** "We expect better results from land-based casinos,
improved profitability in online/digital segments and improving
balance sheets as we move into 2025" - brokerage
    
                        Brokerages'           
                     rating             LSEG PT mean
 Company                                      
                                        
                                        
   CZR    13 "buy" or higher, 5 "hold"     $54.50
  PENN         9 "buy", 12 "hold"           $21
   BYD    5 "buy" or higher, 11 "hold"      $68
 
    ** YTD; CSR had fallen 25.5%, PENN had fallen 37.5% and BYD
fallen ~12%

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