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![CorleoneDon77 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1577382889104318472.png) DonCorleone77 [@CorleoneDon77](/creator/twitter/CorleoneDon77) on x 5542 followers
Created: 2025-07-12 11:48:27 UTC

$PENN

Attached is page X of a 11-page Stifel analyst report on PENN issued Thursday (7/10) entitled:

"2Q25 Preview: Raising B&M Est; iCasino Share Outpacing OSB, Portending Potential Interactive Strategy Shift"

Stifel has a 'Hold' rating on PENN with a $XX price target.

Stifel's 'Summary' regarding PENN in the report includes the following:

"PENN is scheduled to report 2Q25 results before market open on 8/7 with a conference call at 9AM ET. Ahead of reported results, we lift our Q2 estimates slightly to reflect:

1) healthy state reported B&M GGR growth during May 2) hold upside from favorable sport outcomes, though partially offset by 
3) sequentially worsening impact from new competitive B&M supply.

Shares have outperformed nicely T1M alongside the broader regional gaming sector, reflecting sustained acceleration in GGR & risk-on investor sentiment. 

Further sector multiple appreciation is difficult to underwrite, though we believe the thesis laid out here remains intact implying a path to $24/share at current B&M multiples.

As such, and with improving line-of-sight to potential Interactive strategy shift & ~$1B growth project openings, we are warming up though reiterate Hold for now as timing remains the key risk. Target price moves to $XX on sector re-rating.

-- Target Price Methodology:

Our $XX target price is based on SOTP methodology. We ascribe a 6.0x multiple to Penn's 2026E Property Adj. EBITDAR. Our multiple sits towards the low end of 5-8x historical range for regional OpCos reflecting our muted outlook for regional gaming fundamentals. We add ~$9/ share of value for Penn Interactive, which is based on our probability-weighted top-down 2028E scenario analysis discounted back XXX years.

-- Downside risks to our target price include: 

1) challenges profitably scaling Interactive, 
2) deteriorating economic conditions, 
3) new competitive openings & expansions, 
4) severe weather, and 
5) increases in gaming tax rates or other regulatory changes. 

-- Upside risks include: 

1) acquisition offers, 
2) improving low-income consumer spend, 
3) moderating labor costs, and 
4) product-driven upside to Interactive revenues and/or profitability."

(Page X is not available here as X does not allow me to post pages from reports on this platform)


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1944000900214722636/c:line.svg)

**Related Topics**
[penn](/topic/penn)
[$penn](/topic/$penn)
[stocks consumer cyclical](/topic/stocks-consumer-cyclical)

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