Morgan Stanley raised the firm’s price target on Penn Entertainment (PENN) to $17 from $16 and keeps an Equal Weight rating on the shares after Boyd (BYD) entered a definitive agreement to sell its 5% stake in FanDuel for $1.75B gross of taxes. The firm believes the “mark” on the FanDuel assets will provide a temporary boost for U.S. gaming assets as the market may anticipate further transactions and/or ascribe similar multiples to peer assets, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PENN:
- Penn Entertainment price target raised to $19 from $17 at Stifel
- JPMorgan views Boyd’s FanDuel stake sale as mixed
- Penn National call volume above normal and directionally bullish
- Pro poker player Galfond says amendment to BBB could end gambling in U.S.
- Unusually active option classes on open July 1st