$PENN

FanDuel, the largest US sportsbook, is owned by Flutter Entertainment, valued at $31B. DraftKings is a public company (DKNG) controlled by CEO Jason Robins. BetMGM is a joint venture between MGM Resorts (CZR) and Entain. Caesars Sportsbook is owned by Caesars Entertainment (CZR), while bet365 remains family-owned. Flutter cut FanDuel's 2026 EBITDA forecast to $760M.

New Jersey's casino revenue fell 1.3% in September, with flat Q3 growth. Caesars (CZR) saw a 9.4% increase, while MGM (MGM) faced a 1.2% decline due to renovations. Penn (PENN) and Churchill (CHDN) reported growth of 3.9% and 3.5%, respectively. The overall U.S. market grew 3.4% in Q3, according to Jefferies.

Morgan Stanley maintained an Equal-Weight rating on PENN Entertainment but lowered its price target to $18 from $20. GuruFocus values PENN at $23.09, suggesting a 36.6% undervaluation. The company has a GF Score of 71/100, with strengths in growth and momentum but weak financial strength. 8 gurus hold PENN, with mixed recent activity.

PENN Entertainment's average stock price target decreased from $24.19 to $23.94, with a range of $17 to $28. This implies a 60% upside from the Oct. 16 closing price. The consensus rating remains 'Buy' among 22 analysts, with 15 Buys, 7 Holds, and 0 Sells, according to estimates.

Casino operators Wynn Resorts, MGM, and Penn Entertainment hired consultants who predict revenue losses, job cuts, and reduced state taxes if horse-racing machines are allowed in Massachusetts. The report estimates annual tax revenue drops of $45M-$73M and 585-975 job cuts. Investor Richard Fields, who supports the machines, disputes the findings, claiming net job and tax growth. The debate centers on the similarity of the machines to slot machines and their impact on existing casinos.

Macquarie analyst Chad Beynon reduced price targets for DraftKings (DKNG) to $34 and Flutter Entertainment (FLUT) to $128, citing World Cup and NFL season impacts. Prediction markets are expected to drive volume growth, but competition may pressure economics. Penn Entertainment (PENN), Red Rock Resorts (RRR), and Wynn Resorts (WYNN) are highlighted as opportunities.

PENN Entertainment (PENN) shares rose 5.3% premarket after Deutsche Bank upgraded it to Buy, citing strong fundamentals in regional gaming and Las Vegas markets. The analyst raised the price target to $25. The stock later cooled to $15.74, up 4.2%. PENN's theScore Bet signed a multiyear NFL partnership in Canada. The stock is volatile, down 28.7% from its 52-week high.

B. Riley upgraded Skyworks (SWKS) to Buy with a $107 price target, citing faster Qorvo deal closure. Evercore ISI upgraded Procter & Gamble (PG) to Outperform with a $166 target. Deutsche Bank upgraded Penn Entertainment (PENN) to Buy with a $25 target. StoneX upgraded Texas Roadhouse (TXRH) to Buy with a $200 target. Citi upgraded JetBlue (JBLU) to Neutral with a $4.50 target. Berenberg downgraded Nike (NKE) to Sell with a $27.50 target, citing its smaller sportswear position.

Analysts updated price targets for several companies. Goldman Sachs raised GM's target to $112, maintaining a Buy rating. Other notable changes include PTC, RYAN, NET, PENN, TEL, NEO, GS, ACN, and MYRG. Prices and ratings varied across the stocks.

Analysts made several calls on Tuesday, including Goldman Sachs lowering Netflix's price target but maintaining a buy rating, Wells Fargo upgrading Cleveland-Cliffs, and Mizuho raising AMD's price target to $705. Other notable moves include upgrades for Skyworks Solutions, Dollar General, and Prosperity Bancshares, while new coverage was initiated on companies like AvePoint, Pasqal Holdings, and Standard Nuclear.