Analyst downgrades PENN Entertainment rating from ‘buy’ to ‘neutral’

Published: May. 13, 2024, 5:19 p.m.PENN Entertainment Inc. shares traded a bit higher Monday, even as Bank of America lowered its rating from “neutral to buy,” according to Seeking Alpha, which bills itself as the world’s largest investing community.

The problem seen for ESPN BET in the crowded sport betting arena is that revenue remains too low, while fixed costs are too high, said analyst Shaun Kelley.Kelley lowered his price target on PENN Entertainment stock to $17.50 from $28, according to the website“We think ESPN Bet’s high-cost structure increases both the time to scale and execution risk, despite lowered guidance,” said Kelley.

The Wyomissing-based PENN Entertainment operates 43 properties in 20 states, including Hollywood Casino at Penn National Racetrack in Grantville. If you have a gambling problem and are located in Pennsylvania, call 1-800-GAMBLER or contact the 24-hour helpline chat at

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