{"id":150810,"date":"2020-10-01T10:36:16","date_gmt":"2020-10-01T17:36:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=150810"},"modified":"2020-10-01T12:05:43","modified_gmt":"2020-10-01T19:05:43","slug":"penn-stock-bashed-by-one-analyst-another-says-its-100-name","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/","title":{"rendered":"Penn National Split Decision: Ornery Analyst Says ‘Sell’ Internet Meme, Another Says It’s Going to $100"},"content":{"rendered":"

These days, the broad consensus in the analyst community on Penn National Gaming (NASDAQ:PENN) stock is that the name is a \u201cbuy.\u201d It’s rare that opinions on the casino firm deviate wildly on the same day.<\/p>\n

\"Pondering
Traders have a lot to ponder with Penn National, as one analyst rips the name while another says it’s going to $100. (Image: Associated Press<\/em>)<\/figcaption><\/figure>\n

However, that’s happening today, as Deutsche Bank’s Carlo Santarelli reiterates a \u201csell\u201d rating on the gaming company, though he did raise his price target on the stock to $31 from $22. That’s a far cry from the bullishness extolled by Union Gaming’s John DeCree, who placed a $100 estimate on the name. DeCree’s Wall Street-high forecast emerges just a day after a counterpart lifted his Penn projection to $90<\/a>.<\/p>\n

Santarelli didn’t hold back in a scathing commentary on Penn stock.<\/p>\n

We think PENN has largely benefited from the retail community turning the ticker into an internet meme of sorts, thereby creating momentum in the stock that has attracted institutional investors from verticals outside of the traditional gaming arena,\u201d said the Deutsche Bank analyst.<\/p><\/blockquote>\n

Santarelli’s call is undoubtedly bold. His $31 price forecast is less than half the Street consensus of almost $68. There’s also some history here.<\/strong><\/p>\n

In June, the analyst issued a \u201csell\u201d rating on Penn, drawing a stinging online rebuke from Barstool Sports<\/i> founder David Portnoy. In a viral, expletive-laden rant<\/a>, Portnoy bashed Santarelli and, on multiple occasions intentionally mispronounced the analyst’s surname.<\/p>\n

Penn owns 36 percent of Barstool<\/i>, a relationship that’s mostly lauded on Wall Street.<\/p>\n

Fundamentals Lacking<\/h2>\n

While Santarelli’s bear rating on Penn could be construed as a case of bad blood, the reality is the analyst isn’t fawning over the prospects of the US iGaming and sports wagering markets. Rather, he sees limited opportunities on those fronts.<\/p>\n

\n

As investors realize online casinos and sports betting will have difficulty living up to lofty expectations, Penn stock could be vulnerable to \u201ca considerable contraction,\u201d said the analyst. Enthusiasm for those segments<\/a> is a primary reason why investors bid the name higher by almost 1,900 percent from its March lows.<\/p>\n<\/div>\n

\u201cCouple this with a big picture \u2018TAM\u2019 story that \u2018can\u2019t be disproved\u2019, sprinkle in some slides about Twitter followers and Instagram impressions, and you create a narrative that largely abandons fundamental rationale,\u201d<\/strong> said Santarelli.<\/p>\n

The analyst adds investors are likely to be left disappointed upon discovering the amount of sports betting market share that’s readily obtainable for operators.<\/p>\n

Bull Call<\/h2>\n

Obviously, Union Gaming’s DeCree has a different view on Penn. His $100 price target is nearly 50 percent above consensus and implies upside of almost 33 percent from where the stock currently trades. In fact, his outlook runs in the opposite direction of Santarelli’s.<\/p>\n

\u201cWe contend PENN is one of the best plays for both the COVID reopening trade and long-term total addressable market (TAM) in US iCasino and sports betting,\u201d said DeCree.<\/p>\n

The Union Gaming analyst values Penn at a lower multiple than DraftKings (NASDAQ:DKNG). owing to the latter’s head start in online sports betting. But he says that gap should tighten as Penn \u201ccontinues to ramp up and execute.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

These days, the broad consensus in the analyst community on Penn National Gaming (NASDAQ:PENN) stock is that the name is a \u201cbuy.\u201d It’s rare that opinions on the casino firm deviate wildly on the same day. However, that’s happening today, as Deutsche Bank’s Carlo Santarelli reiterates a \u201csell\u201d rating on the gaming company, though he […]<\/p>\n","protected":false},"author":46,"featured_media":150820,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nPenn Stock Bashed by one Analyst, Another Says It's $100 Name<\/title>\n<meta name=\"description\" content=\"Penn National is mostly loved on Wall Street, but one analyst torched the name today, saying it's got negative surprises in store.\" \/>\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 Stock Bashed by one Analyst, Another Says It's $100 Name\" \/>\n<meta property=\"og:description\" content=\"Penn National is mostly loved on Wall Street, but one analyst torched the name today, saying it's got negative surprises in store.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/\" \/>\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=\"2020-10-01T17:36:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-01T19:05:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/traders2w.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1140\" \/>\n\t<meta property=\"og:image:height\" content=\"797\" \/>\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-stock-bashed-by-one-analyst-another-says-its-100-name\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/\",\"name\":\"Penn Stock Bashed by one Analyst, Another Says It's $100 Name\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/traders2w.jpg\",\"datePublished\":\"2020-10-01T17:36:16+00:00\",\"dateModified\":\"2020-10-01T19:05:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National is mostly loved on Wall Street, but one analyst torched the name today, saying it's got negative surprises in store.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-bashed-by-one-analyst-another-says-its-100-name\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/traders2w.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/traders2w.jpg\",\"width\":1140,\"height\":797,\"caption\":\"Traders have a lot to ponder with Penn National as one analyst rips the name while another says it's going to $100. 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