Deutsche Bank raises Penn Entertainment rating to buy
Penn Entertainment stock gets a buy upgrade as regional gaming trends improve See why Deutsche Bank sees upside ahead with a higher $25 price target
Deutsche Bank upgraded Penn Entertainment to buy from hold and raised its price target to $25 from $23, saying the stock could recover as regional gaming trends improve.
Analyst Steven Pizzella said the recent share decline appeared driven more by broader market concerns than by a deterioration in the company’s fundamentals. Penn shares have fallen about 29% over the past three months.
The bank said gaming trends may normalize in the coming weeks as seasonal headwinds fade, and it pointed to upcoming regional gaming data as a possible nearterm catalyst. The call is in line with the wider analyst view, with most covering analysts rating the stock a buy.