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.
賓夕法尼亞娛樂公司（納斯達克股票代碼：PENN）週五獲得華爾街升級，原因是其賭場和體育博彩板塊前景樂觀。
The PENN Analyst: JPMorgan analyst Joseph Greff upgraded shares of Penn from Neutral to Overweight and raised the price target from $19 to $27.
賓夕法尼亞分析師：摩根大通分析師約瑟夫·格雷夫將賓夕法尼亞大學的股票從中性上調至增持，並將目標股價從19美元上調至27美元。
Read Also: PENN Entertainment Stock Climbs Despite Q3 Earnings Miss: What's Going On?
另請閱讀：儘管第三季度收益不佳，但賓夕法尼亞娛樂公司股票仍攀升：發生了什麼？
The Analyst Takeaways: Penn has a favorable risk-reward going forward, Greff said in a new investor note.
分析師要點：格雷夫在一份新的投資者報告中表示，賓夕法尼亞大學未來有良好的風險回報。
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.
這位分析師表示，「其區域陸基賭場現金流產生觸底」 是有望實現的，其零售項目也有一條溫和增長的道路。
"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.
格雷夫說：「此外，我們認爲對24年第四季度和2025年互動（oSb和iGaming）短期虧損的預期是合理的，買方預計2026年的息稅折舊攤銷前利潤將略爲正數。」
Greff said ESPN Bet continues to be one of the biggest drivers for the stock.
格雷夫說，ESPN Bet仍然是該股的最大推動力之一。
"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."
「我們認爲，分部息稅折舊攤銷前利潤略爲正的情景，因爲股票沒有定價，而且重要的是，不會超過賓夕法尼亞大學估計的年度市場準入費。」
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."
佩恩向沃爾特·迪斯尼公司（紐約證券交易所代碼：DIS）支付ESPN名稱和品牌的版權。格雷夫說，如果ESPN Bet不盈利，該公司可能會將其關閉，「擠出約6000萬美元的市場準入費」。
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.
該分析師表示，公司評論稱，ESPN Bet的月活用戶同比增長144％，每位用戶的平均交易量同比增長64％。分析師補充說，賓夕法尼亞大學在NFL賽季開始之前爲進一步將ESPN品牌整合到平台中所做的改進似乎已經取得了回報。
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.
這位分析師表示，如果ESPN Bet不成功，則該公司的陸上賭場和市場準入費仍有價值可供體育博彩公司支付，該細分市場的價值爲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.
分析師強調了賓夕法尼亞大學在2024年和2025年花費8.5億美元用於四個零售增長項目，其中包括用陸基賭場和酒店取代河船設施，開發新的陸基賭場以及爲好萊塢哥倫布和m度假村的物業增加酒店。
"Net-net we see a favorable fundamentally driven risk-reward given improving free cash flow ... and shrinking Interactive losses."
「鑑於自由現金流的改善... 以及Interactive虧損的減少，Net-Net我們看到了從根本上推動的有利風險回報。」
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.
賓夕法尼亞價格走勢：賓夕法尼亞大學股價週五上漲3.60％，至20.73美元，而52周的交易區間爲13.50美元至27.21美元。賓夕法尼亞大學的股價在2024年迄今已下跌20％。
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