Pennsylvania-based casino company Penn National Gaming (NASDAQ:PENN) enjoyed a pleasant day in the market. PENN stock closed up more than 5% as investors clamored over casino stocks.
So what is going on with PENN and its gambling peers?
Well, today’s jump comes just weeks after the American Gaming Association reported record growth for adult gaming in the U.S. — 2022 has marked the commercial gaming industry’s fastest-ever start to a year.
This is likely due to a resurgence in casino attendance as mask mandates and other Covid-19 precautions eased across the nation. February capped off 12 straight months with $4 billion or more in revenue, showing evidence of a recovery to pre-pandemic levels.
It seems this industry landscape is sparking investor confidence in PENN, lifting shares in trading on Tuesday. So where will it go next?
With PENN sitting at roughly $39 per share, let’s see what the experts think about the company going forward.
3 Analysts Weigh In on PENN Stock
- Despite record gaming revenue, Truist analyst Barry Jonas lowered his price target on PENN to $60 per share from $65. Jonas maintains his “buy” rating. This still implies more than 50% upside potential for Penn National Gaming.
- It’s a similar story for Bank of America analyst Shaun Kelley, who lowered his price target on PENN to $50 per share from $60, while maintaining his “buy” rating.
- Lastly, Wells Fargo analyst Daniel Politzer joined fellow analysts and recently lowered his price target on PENN to $50 from $52. Politzer maintained his “equal weight” rating.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.