“The stock has meaningfully outperformed over the past year, which we attribute to investors’ hope that Penn can successfully capitalize on the growing online gaming opportunity in the U.S.,” the Loop team said.
Barstool Sports offers a promising online sports betting and iGaming future, KeyBanc analysts said.
What Happened: KeyBanc analyst Brett Andress initiated a Sector Weight rating on Penn National on Thursday due to a "lofty assumption" versus peers.
Penn National Gaming (NASDAQ: PENN) was one of the best-performing stocks in 2020 with shares up over 200%.
Related Link: New York Represents A Huge Opportunity For Sports Betting: Here's What Could Be Next Dave Portnoy, Jim Cramer React: The Loop downgrade caught the attention of Barstool Sports founder Dave Portnoy.