Penn Entertainment price target lowered to $26 from $28 at Canaccord

Canaccord lowered the firm’s price target on Penn Entertainment (PENN) to $26 from $28 and keeps a Buy rating on the shares as part of a Q1 earnings preview. The firm says that with adverse Q1 outcomes likely priced in at this point, the focus will shift to the company’s fiscal 2025 profitability guidance. DraftKings will discuss its ability to mitigate the impact from ongoing online sports betting tax rate increases along with updates on the competitive landscape, regulatory environment, and near-term product priorities, the analyst tells investors in a research note.