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4 Reasons To Like Penn National: Cost Savings, Sports Betting Margins And More

4 Reasons To Like Penn National: Cost Savings, Sports Betting Margins And More
Ahead of the rollout of Barstool Sportsbook in Michigan, this casino gaming stock just got a new bullish initiation.

The Penn National Analyst: Credit Suisse analyst Benjamin Chaiken initiates Penn National Gaming (NASDAQ:PENN) with an Outperform rating and $128 price target.

The Penn National Takeaways: Chaiken highlights four key reasons for the bullish rating:




Upside from pandemic-related savings and recent acquisitions as the topline returns.




Upside to targeted cost savings.




Better than expected margins in sports betting.




The company’s potential leadership in iGaming.




“We see meaningful opportunities for cost savings from the Pinnacle Entertainment acquisition,” Chaiken wrote in a note. Penn anticipated $120 million in cost synergies from the acquisition.

Related Link: Barstool Sportsbook Inks Deals With Nickmerc, Logan Paul Ahead Of Michigan Launch
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