Penn Gets Street-High Target Ahead of NFL Kickoff, Barstool Launch

© Reuters.

By Christiana Sciaudone —  Penn National Gaming (NASDAQ:) jumped almost 8% after getting a new buy rating.

Rosenblatt Securities initiated coverage with a price target of $80, the highest of all analysts, according to Seeking Alpha. The firm sees Penn, which owns, operates or has ownership interests in 41 gaming and racing properties in 19 states, getting a big portion of the sports betting market.

The news comes as the NFL season kicks off later Thursday with a game between the Super Bowl champion Kansas City Chiefs and the Houston Texans.

Additionally, Penn said this week that the Pennsylvania Gaming Control Board approved a real money test period for its new Barstool Sportsbook app from Sept. 15-17. Following the test period, Penn National intends to officially launch the Barstool app on Sept. 18, subject to final regulatory approvals. The company plans to introduce the Barstool in additional states in the coming months.     

Penn has 10 buy ratings, two holds and one sell, according to data compiled by Shares are trading close to a record.


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