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On a mostly lethargic day for gaming equities, shares of Penn National Gaming (NASDAQ:PENN) are standing out, thanks to a sell-side analyst boosting his price target on the stock in dramatic fashion, citing catalysts including Barstool Sports and online casinos. royal ace casino unsubscribe David Portnoy’s Barstool Sports is going to be a positive driver for Penn National stock, says one analyst. desert diamond casino blackjack (Image: Variety)In a note to clients released earlier today, Nomura Instinet analyst Harry Curtis reiterated a “buy” rating on Penn National, while boosting his price target on the Ameristar operator to . aliante casino grill That’s around the stock’s 52-week high, a level that hasn’t been touched since late February. Our target price for PENN assumes a target multiple of 9. table games at the casino 6x our 2022 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) estimate, a slight premium to the stock’s historical average forward multiple given growth optionality from i-casino/sports betting through Barstool,” said Curtis.

Key Insights and Expert Analysis

That’s at least the third price forbicycle casino drecast hike by an analyst covering Penn over the past 10 days. On May 20, JPMorgan lifted its target on the Hollywood operator to from . foxwoods resort casino poker Earlier this week, Morgan Stanley increased its projection on Penn to from . Impressive ResurgenceThis month, Penn stock nearly doubled, and its more than eight-fold surge off its March lows is one of the most impressive rebounds among all domestic gaming equities. Much of Wall Street’s and investors’ enthusiasm for the name is attributable to the integration of Barstool Sports, in which the operator acquired a 36 percent stake in January, and the company’s positioning in the booming iGaming market. Is Sloto Cash Casino Legit Zrji Switzerland Penn executives previously said iGaming is going to be a “material” driver of earnings and revenue in 2021 and beyond. black bear casino and hotel 1832 choctaw casino

Analysts and investors like the asset-light, high margin model that accompanies online casinos, and are valuing companies with exposure to this niche on par with technology firms, not traditional gaming entities. hollywood casino chicago Curtis, the Instinet analyst, added that his revised estimates on Penn allot for what he calls a “normal” recession and upside to be derived from Barstool. free slot machines zeus His price target far exceeds the sell-side average of . x men casino slot 31. viejas casino golf course Regional RecoveryAnalysts are bullish on regional operators, including Penn, based on the premise that smaller gaming markets will bounce back from the coronavirus pandemic more rapidly than Las Vegas. lake tahoe casino bomb There’s something to that, as some of the recent fuel for Penbicycle casino drn stock comes by way of the company reopening venues in some of its most important regional markets, such as Louisiana and Mississippi.

In Las Vegas, the company operates the Tropicana and M Resort, the latter slated to participate in the June 4 reopening of Nevada gaming properties. Hard Rock Hotel Casino Lake Tahoe Email Addreb Mifp “While the amenities our customers have come to know and love may be somewhat limited for the time being, the ability to safely welcome back our team members and guests remains our top priority,” M Resort general manager Hussain Mahrous said in a statement. When Does Desert Diamond Casino Open Up Ftih The Tropicana isn’t yet featured on lists pertaining to the June 4 Silver State restart date. Encore Boston Harbor says it will stop paying its approximately 850 part-time workers after Sunday, May 31, and is furloughing more than 10 percent of its overall staff. aliante casino las vegas reservations After months of paying its staff, the closed Encore Boston Harbor is furloughing workers and stopping checks to part-time gold coast casino xmas lunch