'Portnoy momentum' can drive Penn National 25% higher, Stifel says
surge more than 165% year-to-date is set to continue as "sports-betting euphoria" continues into fall, Stifel said in a note on Wednesday.
"The recent launch of the Barstool Sportsbook app coupled with other sports betting "announcements" should allow the shares to continue riding the sports betting euphoria wave higher," Stifel said. The new estimates from Stifel is what drove its decision to raise its price target on Penn National from $47 to $85, representing potential upside of 25% from Wednesday's close.
"Here's the thing: nobody is going to be proven right or wrong about the size/profitability of those segments [sports betting] for years to come, given those markets remain in their infancy and won't mature for 10+ years," Stifel explained, adding that any positive news flow around sports betting should continue to push shares higher.Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000.
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