{"id":150641,"date":"2020-09-30T10:28:22","date_gmt":"2020-09-30T17:28:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=150641"},"modified":"2020-09-30T11:27:50","modified_gmt":"2020-09-30T18:27:50","slug":"penn-national-price-target-lifted-to-street-high-90","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/","title":{"rendered":"Penn National Rallies After Analyst Lifts Price Target to Another Street High"},"content":{"rendered":"

Penn National Gaming (NASDAQ:PENN) is rallying anew today, helped by an impressive financial forecast and more sell-side enthusiasm.<\/p>\n

\"Hollywood
The slots area at the Penn National Hollywood Casino in Columbus, Ohio. An analyst likes the company’s land and online mix. (Image: Cleveland.com).<\/figcaption><\/figure>\n

In a note to clients today, Rosenblatt Securities analyst Bernie McTernan boosted his price forecast on the gaming company to $90, the highest on Wall Street. As of Sept. 9, McTernan didn’t even follow Penn. He initiated coverage of the stock on Sept. 10 with a \u201cbuy\u201d rating and an $80 estimate<\/a>, meaning that in the span of three weeks, his price projection increased 12.50 percent.<\/p>\n

Our test of the Barstool app, a successful launch in Pennsylvania with minimal external marketing and growth in the second weekend, suggests a lower probability of our bear case playing out, and now greater focus on the bull case,\u201d writes McTernan.<\/p><\/blockquote>\n

His $90 price target on Penn stock is $5 above the next-closest estimate, and implies upside of 25 percent from where the shares trade at this writing.<\/strong><\/p>\n

Plenty of Catalysts<\/h2>\n

After the close of US markets Tuesday, the operator of casinos under the Argosy and Hollywood brands, among others, told investors its third-quarter earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (<\/span><\/span>EBITDAR) and revenue<\/span> will exceed Wall Street forecasts.<\/p>\n

\n

Perhaps as important, if not more so, is that an investor presentation released by Penn shows the new Barstool Sportsbook mobile app posted a 14 percent handle increase in its second weekend after notching $11 million the week prior. That with the company not spending anything<\/a> on external marketing.<\/p>\n<\/div>\n

It’s unlikely that $0 advertising figure will continue over the long-term. But Penn’s ability to lure bettors to the new app on a cost-efficient basis is something the investment community could reward because customer acquisition costs are high in the online sports betting space.<\/p>\n

\u201cWe believe this was a successful launch in an already established, competitive market,\u201d said Rosenblatt’s McTernan. \u201cImportantly, PENN was able to achieve these results without spending on external marketing due to their content-driven customer acquisition strategy.\u201d<\/strong><\/p>\n

Don’t Forget Old School Casinos<\/h2>\n

While Penn expects iGaming and sports wagering to have material impacts on its top and bottom lines next year, the company is a new player in these still-nascent industries. These businesses have a multi-year ramp up ahead, meaning the operator still needs to execute its core competency of running land-based casinos.<\/p>\n

The aforementioned financial outlook confirms EBITDAR and margins at Penn’s regional properties<\/a> are increasing, and the company’s Las Vegas exposure is confined to just two venues \u2013 a positive at a time when Sin City is scuffling.<\/p>\n

\u201cPreliminary results show revenue is returning to the regional casino business faster than expected and at higher incremental margins,\u201d <\/strong>said McTernan.<\/p>\n

Penn runs 41 gaming properties in 19 states with Illinois, Louisiana, and Ohio among its largest markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

Penn National Gaming (NASDAQ:PENN) is rallying anew today, helped by an impressive financial forecast and more sell-side enthusiasm. In a note to clients today, Rosenblatt Securities analyst Bernie McTernan boosted his price forecast on the gaming company to $90, the highest on Wall Street. As of Sept. 9, McTernan didn’t even follow Penn. He initiated […]<\/p>\n","protected":false},"author":46,"featured_media":150645,"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 Price Target Lifted to Street High $90<\/title>\n<meta name=\"description\" content=\"Penn National Gaming lands another upward price forecast revision by an analyst that started coverage just three weeks ago.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National Price Target Lifted to Street High $90\" \/>\n<meta property=\"og:description\" content=\"Penn National Gaming lands another upward price forecast revision by an analyst that started coverage just three weeks ago.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/\" \/>\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=\"2020-09-30T17:28:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-30T18:27:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/hollywood-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"850\" \/>\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=\"2 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-price-target-lifted-to-street-high-90\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/\",\"name\":\"Penn National Price Target Lifted to Street High $90\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/hollywood-1.jpg\",\"datePublished\":\"2020-09-30T17:28:22+00:00\",\"dateModified\":\"2020-09-30T18:27:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National Gaming lands another upward price forecast revision by an analyst that started coverage just three weeks ago.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-price-target-lifted-to-street-high-90\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/hollywood-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/hollywood-1.jpg\",\"width\":1280,\"height\":850,\"caption\":\"The slots area at the Penn National's Hollywood Casino in Columbus, Ohio. 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