Penn Stock Analyst Turns Bullish On ESPN Bet Strength, Casino Improvements: 'Favorable Risk-Reward'
Penn Stock Analyst Turns Bullish On ESPN Bet Strength, Casino Improvements: 'Favorable Risk-Reward'
PENN Entertainment (NASDAQ:PENN) received a Wall Street upgrade Friday on a positive outlook for both its casino and sports betting segments.
佩恩国民博彩（纳斯达克：PENN）在周五获得了华尔街的升级，对其赌场和体育博彩业务的前景持积极态度。
The PENN Analyst: JPMorgan analyst Joseph Greff upgraded shares of Penn from Neutral to Overweight and raised the price target from $19 to $27.
佩恩的分析师：摩根大通的分析师约瑟夫·格雷夫将佩恩的股票评级从中立上调至增持，并将目标价从19美元上调至27美元。
Read Also: PENN Entertainment Stock Climbs Despite Q3 Earnings Miss: What's Going On?
另悉：尽管第三季度收益不及预期，佩恩国民博彩股票仍然上涨：发生了什么？
The Analyst Takeaways: Penn has a favorable risk-reward going forward, Greff said in a new investor note.
分析师的要点：格雷夫在一份新的投资者报告中表示，佩恩在风险回报方面前景良好。
The analyst said there is a sightline to the "bottoming of its regional land-based casino cashflow generation" and a path to modest growth for its retail projects.
分析师表示，有迹象表明其区域型实体赌场的现金流产生即将触底，并为其零售项目的适度增长铺平了道路。
"In addition, we see reasonably set expectations for near-term Interactive (OSB and iGaming) losses for the 4Q24 and 2025 with buy-side expectations for modestly positive EBITDA generation in 2026," Greff said.
格雷夫表示，“此外，我们看到对2024年第四季度和2025年的互动（OSb和iGaming）损失的合理预期，买方预计2026年将实现适度的正EBITDA。”
Greff said ESPN Bet continues to be one of the biggest drivers for the stock.
格雷夫表示，ESPN投注仍然是推动该股票的最大动力之一。
"We see a scenario of modestly positive segment EBITDA as not priced in the shares and, importantly, is not that much more than PENN's estimated annual market access fees."
“我们看到适度正向的细分EBITDA情景未被股价反映，更重要的是，它并不比佩恩估计的年度市场准入费用高出多少。”
Penn pays Walt Disney Co (NYSE:DIS) for the rights to the ESPN name and brand. Greff said if ESPN Bet is not profitable, the company could shut it down and "milk the $60m-ish of market access fees."
佩恩向华特迪士尼公司（纽交所：DIS）支付费用以获得ESPN名称和品牌的使用权。格雷夫表示，如果ESPN Bet未能盈利，公司可能会关闭它并 "榨取6000万美元左右的市场准入费。"
The analyst said company commentary said monthly active users were up 144% year-over-year for ESPN Bet with average handle per user up 64% month-over-month. Enhancements made by Penn to further integrate the ESPN brand into the platform ahead of the NFL season look to have paid off, the analyst added.
分析师表示，公司评论称ESPN Bet的月活跃用户数同比增长了144%，而每位用户的平均处理额环比增长了64%。分析师补充道，佩恩为在NFL赛季之前进一步整合ESPN品牌到平台中所做的改进似乎见到了成效。
The analyst said if ESPN Bet isn't successful, there is still value of the company's land-based casinos and market access fees that sportsbooks pay the company, assigning a value of $26 for this segment.
分析师表示，如果ESPN Bet没有成功，公司仍然拥有价值，包括其土地赌场和体育博彩对公司支付的市场准入费，为此部分赋予的价值为26美元。
Penn's $850 million being spent in 2024 and 2025 on four retail growth projects is highlighted by the analyst, which includes replacing a riverboat facility with a land-based casino and hotel, developing a new land-based casino and adding hotels for the Hollywood Columbus and M Resort properties.
分析师指出，佩恩在2024年和2025年将在四个零售增长项目上花费85000万美元，其中包括用陆基赌场和酒店替换一座游船设施，开发新的陆地赌场，并为好莱坞哥伦布和m Resort项目增设酒店。
"Net-net we see a favorable fundamentally driven risk-reward given improving free cash flow ... and shrinking Interactive losses."
“总体来看，由于自由现金流改善和互动亏损缩小，我们看到一个有利的基本面驱动的风险回报。”
PENN Price Action: Penn stock is up 3.60% to $20.73 on Friday versus a 52-week trading range of $13.50 to $27.21. Penn stock is down 20% year-to-date in 2024.
PENN股价动态：佩恩股票在周五上涨了3.60%，达到20.73美元，而52周交易区间为13.50美元到27.21美元。佩恩股票在2024年至今下跌了20%。
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