#5 - Penn National Gaming (NASDAQ:PENN)
How you feel about Penn National Gaming (NASDAQ:PENN) may very well come down to how you feel about Dave Portnoy. Portnoy runs Barstool Sports which is the sports media business and sportsbook. Penn’s association with Barstool enhances its already impressive network of casinos that covers 19 states. And according to Goldman Sachs, the partnership with Barstool could add $4 per share to the company’s value.
Barstool has 66 million users. Not all of those users bet on sports. However, Penn doesn’t need all of them to gamble. But it’s likely that it will get a sizable percentage which should be a nice lift for PENN stock. And the early returns are showing that Barstool is able to generate an audience without cannibalizing users from either FanDuel or DraftKings. It’s too early to tell if this signals that there is a much larger addressable audience. It could be signaling that users are comfortable using multiple mobile sports betting apps. Either outcome would be favorable to Penn.
About PENN Entertainment
PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.
Read More - Current Price
- $18.62
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.53 (26.4% Upside)
