PENN Entertainment

PENN · NASDAQ

$14.96+$0.25 (+1.70%)TodayMarket closed · Oct 20, 5:48 PM ET

Prev close $14.71

PENN analyst rating

BuyConsensus of 18 analysts over the last 12 months. 72% rate it a buy.

Strong buy0
Buy13
Hold5
Underperform0
Sell0

12-month price target · 21 analysts

Average $24.70 (+65.1% upside)

Low: $17.56
Now: $14.96
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

PENN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 20, 2026	Maintains	Overweight	$27.00 → $24.00	48%
Morgan Stanley	Oct 19, 2026	Maintains	Equal-Weight	$20.00 → $18.00	58%
Susquehanna	Oct 19, 2026	Maintains	Positive	$30.00 → $26.00	50%
Wells Fargo	Oct 19, 2026	Maintains	Equal-Weight	$23.00 → $22.00	33%
Citigroup	Oct 12, 2026	Maintains	Neutral	$22.00 → $17.00	44%
Barclays	Oct 9, 2026	Maintains	Overweight	$26.00 → $27.00	46%
Deutsche Bank	Oct 6, 2026	Upgrade	Hold → Buy	$23.00 → $25.00	59%
Morgan Stanley	Aug 12, 2026	Maintains	Equal-Weight	$19.00 → $20.00	58%
Benchmark	Aug 7, 2026	Maintains	Buy	$21.00 → $22.00	54%
Macquarie	Aug 7, 2026	Maintains	Outperform	$23.00 → $25.00	40%

The case for and against

Updated Oct 18, 2026

Bull case

PENN Entertainment is supported by a healthy regional gaming backdrop, limited new supply, and a 2Q26 EBITDAR beat of $476m, up 21% year over year, which helped drive a guidance raise and reinforced confidence in its core retail portfolio. The company’s land-based casinos, which still account for 81% of sales, are benefiting from property-level momentum, with nine properties setting 2Q records and major projects like Aurora and Joliet showing strong ramp potential that can expand earnings and margins. Interactive remains a smaller but improving contributor at 19% of sales, and tighter marketing discipline, theScore’s digital reach, and the path to stronger free cash flow in FY27 all support a more favorable valuation setup.

Bear case

PENN Entertainment is pressured by a slower online profit ramp, since management sees challenges profitably scaling Interactive even as land-based casinos still generate most of the business. Softness in the consumer environment, higher interest rates, and rising costs can further squeeze margins and cash flow, complicating the company’s effort to deleverage while supporting its digital buildout. Although the retail portfolio and theScore platform provide strategic scale and licensing advantages, the outlook remains negative because competitive openings, economic deterioration, and regulatory or tax pressure could delay earnings conversion and limit upside.

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