- NASDAQ:PENN shoots up 13.37% on Tuesday on analyst upgrades, praise.
- Penn National prepares for launch of Barstool sports betting app as NFL season nears.
- Wall Street and social media praise Barstool president Dave Portnoy as the face of Penn.
NASDAQ:PENN has had a tremendous year with the stock price now up over 175% during the last year, easily outpacing industry rivals during the COVID-19 pandemic. On Tuesday shares were up as much as 15% hitting a new 52-week high of $59.10 during the morning before settling back down to close the day at $57.93. While much of the broader market was up for the day – Penn’s surge stood out from the pack, as the gaming firm capped off a month in which the stock rose nearly 70%.
Despite an earlier analyst from Morgan Stanley downgrading the stock, on Tuesday an analyst from Craig-Hallum initiated a buy rating for PENN with a new short-term target price of $75 and a long-term forecast of $200 per share. Analyst Ryan Sigdahl singles out Penn National’s stake in Barstool Sports as the catalyst for the gaming company’s success and popularity amongst the younger demographic. Sigdahl was quoted as saying, “Dave Portnoy Is A Marketing Genius. If millions of people follow his pizza reviews and stock trading, how many do you think will follow his sports betting recommendations?” The Barstool sports betting app is set to launch in September alongside the NFL season and is poised to take a chunk of the sports betting space from rivals like DraftKings (NASDAQ:DKNG).
Penn Stock Forecast
Penn National’s brand could not be hotter at the moment and Sigdahl is correct in attributing much of its popularity to Portnoy’s social media celebrity status. With the NFL and NCAA seasons getting underway in just over a week from now, we should see a spike in digital sports betting through many of Penn’s digital platforms. If the Barstool sports betting app is a success, investors could be in for even more upside from the $75 that Sigdahl is projecting.
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