{"id":2354,"date":"2021-11-12T11:28:53","date_gmt":"2021-11-12T19:28:53","guid":{"rendered":"https:\/\/wagers.com\/staging\/4285\/?p=2354"},"modified":"2021-11-29T11:33:19","modified_gmt":"2021-11-29T19:33:19","slug":"penn-national-gaming-analyst-update","status":"publish","type":"post","link":"https:\/\/wagers.com\/staging\/4285\/news\/penn-national-gaming-analyst-update\/","title":{"rendered":"Penn National Gaming analyst update"},"content":{"rendered":"<p><strong>Don\u2019t hold back: <\/strong>Compliments don\u2019t come much more backhanded than in the Deutsche Bank note issued today, which upgrades Penn National to a hold from a sell on the basis of its \u201cmassive underperformance\u201d against its regional gaming peers. \u201cSince our downgrade, and after numerous character assassinations, we stuck with our sell rating, because it was based on fundamentals, and ultimately we felt we were right and over time, the fundamentals would prevail.\u201d<\/p>\n<p><strong>Taking advantage:<\/strong> The team pointed out that after Penn became something of a meme stock, the company did \u201cexactly the right thing\u201d and issued ~68m shares, increasing the share count since the pandemic began by around 60%. \u201cHowever, to steal a recent quote from New York Mets President, Sandy Alderson, the stock promotion proved short lived, as the \u2018blowhard in a house of cards\u2019 was unable to keep it together long enough.\u201d<\/p>\n<p><strong>The zinger:<\/strong> And so to Dave Portnoy. The DB team said the Penn share price was driven by an \u201coverhyped sports-betting story\u201d, before adding:<\/p>\n<blockquote><p><em>&#8220;At present, we believe Penn, the company we covered since 2011, and recommended as a buy from 2011 through January of 2020, is just a sideshow, a sideshow to a wildly volatile, incredibly libelous, and misleading social media front man.\u201d<\/em><\/p><\/blockquote>\n<p><strong>Calibrate this:<\/strong> In maintaining the price target of $31, the DB team add that they \u201cobviously believe there is risk to the downside\u201d while the upside risk is \u201chard to calibrate\u201d given the backdrop of \u201cfundamentally baseless stock moves\u201d.<\/p>\n<blockquote><p><em>\u201cNet-net, we think this era has been an unfortunate black eye for the gaming industry, and one that we believe most could have seen coming,\u201d the Deutsche Bank team added.<\/em><\/p><\/blockquote>\n<h3>Also on Earnings + More today:<\/h3>\n<ul>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/12-nov-weekend-edition-no22\" target=\"_blank\" rel=\"noopener\">GAN Q3<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/12-nov-weekend-edition-no22\" target=\"_blank\" rel=\"noopener\">Inspired Q3<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/12-nov-weekend-edition-no22\" target=\"_blank\" rel=\"noopener\">Golden Nugget Online Gaming Q3<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/12-nov-weekend-edition-no22\" target=\"_blank\" rel=\"noopener\">Start-up shoutout\u00a0<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Don\u2019t hold back: Compliments don\u2019t come much more backhanded than in the Deutsche Bank note issued today, which upgrades Penn National to a hold from a sell on the basis of its \u201cmassive underperformance\u201d against its regional gaming peers. \u201cSince our downgrade, and after numerous character assassinations, we stuck with our sell rating, because it [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[324],"tags":[620,660,675,798,613,799],"class_list":["post-2354","post","type-post","status-publish","format-standard","hentry","category-news","tag-gan","tag-golden-nugget","tag-inspired","tag-penn","tag-penn-national","tag-playtertainment"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=2354"}],"version-history":[{"count":1,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2354\/revisions"}],"predecessor-version":[{"id":2356,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2354\/revisions\/2356"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=2354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=2354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=2354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}