{"id":167599,"date":"2021-03-17T09:56:07","date_gmt":"2021-03-17T16:56:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=167599"},"modified":"2021-07-05T08:35:06","modified_gmt":"2021-07-05T15:35:06","slug":"big-upside-awaits-penn-stock-according-to-bank-of-america","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/","title":{"rendered":"Penn National Gaming Stock Offers Epic Upside Potential, Says Bank of America"},"content":{"rendered":"

Penn National Gaming (NASDAQ:PENN) stock jas earned another big endorsement from Bank of America (BofA). The banking giant highlights innovation with the Barstool Sports <\/i>business and the possibility of mergers and acquisitions as an avenue for adding new customers.<\/p>\n

\"Penn
From left, Penn National CEO Jay Snowden, Barstool CEO Erika Nardini, and founder David Portnoy. Bank of America is impressed following a meeting with the trio. (Image: Reading Eagle<\/em>)<\/figcaption><\/figure>\n

Last Friday, S&P Dow Jones said it’s adding the regional gaming company to the S&P 500<\/a> on March 22. This news sparked a brief rally in the stock, sending it to an all-time high of $142 on Monday. The shares subsequently retreated and trade around $119 at this writing. Still, following a meeting with Penn CEO Jay Snowden, Barstool CEO Erika Nardini, and founder David Portnoy, BofA remains enthusiastic about the stock.<\/p>\n

Barstool continues to innovate in its core media business with a focus on its deeply loyal 21-40 year old audience,\u201d<\/strong> said the bank.<\/p><\/blockquote>\n

\u201cThis will translate into continued experimentation with new content, personalities, and platforms to serve its audiences\u2019 changing needs\/desires. It is always pushing towards new platforms and where users want to engage (TikTok, Clubhouse, OnlyFans) and is not wedded to established channels.\u201d<\/p>\n

In January 2020, Penn announced it was doling out $163 million<\/a> in cash and stock to purchase a 36 percent chunk of Barstool Sports,<\/i> with an option to own Portnoy’s sports media and pop culture site outright for $450 million.<\/p>\n

Deal Paying Dividends for Penn Stock<\/h2>\n

When the gaming company initially revealed the arrangement with Barstool<\/i>, some on Wall Street expressed concern that the casino operator<\/a> was paying too much simply to garner a media partner.<\/p>\n

\n

Since then, however, some gaming operators have shelled out more for media teammates, and with internet gaming, media, and sports now intimately linked, market observers see those partnerships generating $30 billion in revenue<\/a> by 2030. Specific to Penn stock, it’s up nearly 3,100 percent from its March 2020 low, indicating the accord with Barstool <\/i>is delivering the goods for investors.<\/p>\n<\/div>\n

BofA sees more room for growth, as Barstool<\/i> further leverages its audience with streaming and push to video technologies.<\/p>\n

The bank adds mergers and acquisitions are possible for Penn as the third phase of customer acquisition, though it doesn’t mention specific takeover candidates. The casino operator has been tied to some deal speculation as of late<\/a>, but it hasn’t commented on specific chatter. One thing is clear: Should Penn pursue a purchase, it could use its high-flying stock as currency.<\/p>\n

Barstool Sportsbook Update<\/h2>\n

The cornerstone of the Penn\/Barstool <\/i>marriage is branding. The gaming company’s retail and online sportsbooks bear the Barstool name — a strategy that’s already paying off.<\/p>\n

BofA says the company has about a 15 percent share in the markets in which Barstool Sportsbook is operational, with the bulk of that attributable to the brand’s core audience, meaning there’s room for growth.<\/p>\n

\u201cUpside can come from 1) better activation of more casual Barstool consumers\/users, 2) cross-sell with nascent iGaming offerings, 3) PENN\u2019s mychoice loyalty database, and 4) targeted regional marketing,\u201d said BofA.<\/strong><\/p>\n

The betting app is live in Illinois, Michigan, and Pennsylvania.<\/p>\n","protected":false},"excerpt":{"rendered":"

Penn National Gaming (NASDAQ:PENN) stock jas earned another big endorsement from Bank of America (BofA). The banking giant highlights innovation with the Barstool Sports business and the possibility of mergers and acquisitions as an avenue for adding new customers. Last Friday, S&P Dow Jones said it’s adding the regional gaming company to the S&P 500 […]<\/p>\n","protected":false},"author":46,"featured_media":167600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nBig Upside Awaits Penn Stock, According to Bank of America<\/title>\n<meta name=\"description\" content=\"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.\" \/>\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\/big-upside-awaits-penn-stock-according-to-bank-of-america\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Upside Awaits Penn Stock, According to Bank of America\" \/>\n<meta property=\"og:description\" content=\"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/\" \/>\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=\"2021-03-17T16:56:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-05T15:35:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1662\" \/>\n\t<meta property=\"og:image:height\" content=\"1247\" \/>\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\/big-upside-awaits-penn-stock-according-to-bank-of-america\/\",\"url\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/\",\"name\":\"Big Upside Awaits Penn Stock, According to Bank of America\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg\",\"datePublished\":\"2021-03-17T16:56:07+00:00\",\"dateModified\":\"2021-07-05T15:35:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg\",\"width\":1662,\"height\":1247,\"caption\":\"From left, Penn National CEO Jay Snowden, Barstool CEO Erika Nardini and founder David Portnoy. Bank of America is impressed following a meeting with the trio. (Image: Reading Eagle)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#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 Gaming Stock Offers Epic Upside Potential, Says Bank of America\"}]},{\"@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":"Big Upside Awaits Penn Stock, According to Bank of America","description":"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.","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\/big-upside-awaits-penn-stock-according-to-bank-of-america\/","og_locale":"en_US","og_type":"article","og_title":"Big Upside Awaits Penn Stock, According to Bank of America","og_description":"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.","og_url":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-03-17T16:56:07+00:00","article_modified_time":"2021-07-05T15:35:06+00:00","og_image":[{"width":1662,"height":1247,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.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\/big-upside-awaits-penn-stock-according-to-bank-of-america\/","url":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/","name":"Big Upside Awaits Penn Stock, According to Bank of America","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg","datePublished":"2021-03-17T16:56:07+00:00","dateModified":"2021-07-05T15:35:06+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Penn stock can continue climbing higher as it leverages Barstool Sports, says Bank of America.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/penn.jpg","width":1662,"height":1247,"caption":"From left, Penn National CEO Jay Snowden, Barstool CEO Erika Nardini and founder David Portnoy. Bank of America is impressed following a meeting with the trio. (Image: Reading Eagle)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/big-upside-awaits-penn-stock-according-to-bank-of-america\/#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 Gaming Stock Offers Epic Upside Potential, Says Bank of America"}]},{"@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\/167599"}],"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=167599"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/167599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/167600"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=167599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=167599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=167599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}