{"id":139550,"date":"2020-06-23T09:40:32","date_gmt":"2020-06-23T16:40:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139550"},"modified":"2020-06-23T11:59:58","modified_gmt":"2020-06-23T18:59:58","slug":"penn-national-stock-soars-bouyed-by-portnoy-analyst-comments","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/","title":{"rendered":"Penn National Powers Higher Fueled by Analyst Comments, Portnoy Chatter"},"content":{"rendered":"

Shares of Penn National Gaming (NASDAQ:PENN) are higher by nearly 15 percent in midday trading on volume that’s already exceeded the daily average. That’s after Barstool Sports <\/i>founder David Portnoy said his company, which is 36 percent owned by Penn, has a \u201cstranglehold\u201d on gamblers.<\/p>\n

\"Penn
Barstool sports founder David Portnoy and CEO Erika Nardini are contributing to a surge in Penn National stock today. (Image: Business Insider)<\/figcaption><\/figure>\n

A new note from Stifel analyst Steven Wieczynski is also helping the Penn cause today. The analyst reiterated a \u201cbuy\u201d rating on the regional gaming name while boosting his price forecast on the stock to $39 from $23.<\/p>\n

Recently, Penn is drawing plenty of bullish commentary from the sell-side community, with much of that ebullience revolving around the operator’s online casinos and sports wagering businesses<\/a> \u2013 segments executives are saying will be material earnings and revenue contributors as soon as 2021. Wieczynski is taking a different view, saying with all the hoopla surrounding iGaming and sports betting, investors may be overlooking the value of Penn’s core competency: land-based casinos.<\/p>\n

While we understand the long-term sports betting opportunity is real, we aren\u2019t sure we are willing to subscribe as much value to PENN shares today, given many uncertainties that need to be addressed,\u201d said the analyst. \u201cFor us, we believe PENN\u2019s core operations are worth ~$32\/share which means you are getting the sports betting\/iGaming long-term opportunity essentially for free at this point.\u201d<\/span><\/p><\/blockquote>\n

He acknowledges he’s not as enthusiastic about sports betting as some investors are, but \u201cin today\u2019s dollars, it\u2019s worth ~$7\/share to PENN.\u201d<\/span><\/strong><\/p>\n

Portnoy, Ever the Showman<\/span><\/h2>\n

Portnoy’s comments in a Monday evening <\/span>CNBC<\/i><\/span> interview are favorably affecting Penn stock, too. The <\/span>Barstool <\/i><\/span>founder is roiling the Wall Street elite with his day trading antics, bashing revered investors such as Warren Buffett while recently blasting<\/a> an analyst that issued a \u201csell\u201d rating on Penn.<\/span><\/p>\n

All that showmanship is keeping fans engaged with <\/span>Barstool <\/i><\/span>at a time when US sports offerings remain limited, potentially giving investors reasons to believe Penn’s stake in the sports media and pop culture blog will pay off in a big way.<\/span><\/p>\n

\n

In the interview, Portnoy was joined by Penn CEO Jay Snowden and <\/span>Barstool <\/i><\/span>CEO Erika Nardini, the latter giving Penn shareholders reasons for optimism, too. In Portnoy-esque fashion, Nardini took the fight to DraftKings (NASDAQ:DKNG), saying the roughly $13 billion market capitalization on that company<\/a> and Penn’s market value of approximately $4 billion should be reversed.<\/span><\/p>\n<\/div>\n

As part of the companies’ agreement, Penn will be launching a mobile betting app under the <\/span>Barstool <\/i><\/span><\/strong>brand that will be a direct competitor to the likes of DraftKings and FanDue<\/strong>l.<\/span><\/p>\n

Under-Appreciated Traditional Casino Business <\/span><\/h2>\n

Analysts and investors are fawning over the intersection of the internet and betting, be it sports or online slots and table games. As it pertains to Penn, that means some may be missing good news in the company’s core business.<\/span><\/p>\n

\u201cWe actually believe investors haven\u2019t subscribed enough value to PENN\u2019s core business and the opportunity the company has in front of them around improving operations\/margins over the next couple of years,\u201d said Wieczynski<\/strong>.<\/span><\/p>\n

Following the coronavirus shutdown, Penn is improving margins, and Wieczynski believes that opportunity is even more encouraging than management is letting on.<\/span><\/p>\n

Penn stock more than tripled in the second quarter and is up 861.60 percent from its March bottom.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Penn National Gaming (NASDAQ:PENN) are higher by nearly 15 percent in midday trading on volume that’s already exceeded the daily average. That’s after Barstool Sports founder David Portnoy said his company, which is 36 percent owned by Penn, has a \u201cstranglehold\u201d on gamblers. A new note from Stifel analyst Steven Wieczynski is also […]<\/p>\n","protected":false},"author":46,"featured_media":139553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nPenn National Stock Soars, Bouyed by Portnoy, Analyst Comments<\/title>\n<meta name=\"description\" content=\"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National Stock Soars, Bouyed by Portnoy, Analyst Comments\" \/>\n<meta property=\"og:description\" content=\"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-23T16:40:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-23T18:59:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"825\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/\",\"name\":\"Penn National Stock Soars, Bouyed by Portnoy, Analyst Comments\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg\",\"datePublished\":\"2020-06-23T16:40:32+00:00\",\"dateModified\":\"2020-06-23T18:59:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg\",\"width\":1100,\"height\":825,\"caption\":\"Barstool sports founder David Portnoy and CEO Erika Nardini are contributing to a surge in Penn National stock today. (Image: Business Insider)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Penn National Powers Higher Fueled by Analyst Comments, Portnoy Chatter\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Penn National Stock Soars, Bouyed by Portnoy, Analyst Comments","description":"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/","og_locale":"en_US","og_type":"article","og_title":"Penn National Stock Soars, Bouyed by Portnoy, Analyst Comments","og_description":"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.","og_url":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-06-23T16:40:32+00:00","article_modified_time":"2020-06-23T18:59:58+00:00","og_image":[{"width":1100,"height":825,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/","url":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/","name":"Penn National Stock Soars, Bouyed by Portnoy, Analyst Comments","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg","datePublished":"2020-06-23T16:40:32+00:00","dateModified":"2020-06-23T18:59:58+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Penn National is getting a big lift from its Barstool deal and an analyst saying its casino business is more valuable than investors realize.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/en.jpg","width":1100,"height":825,"caption":"Barstool sports founder David Portnoy and CEO Erika Nardini are contributing to a surge in Penn National stock today. (Image: Business Insider)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/penn-national-stock-soars-bouyed-by-portnoy-analyst-comments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Penn National Powers Higher Fueled by Analyst Comments, Portnoy Chatter"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139550"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=139550"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/139553"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=139550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=139550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=139550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}