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PENN Entertainment PENN received a Wall Street upgrade Friday on a positive outlook for both its casino and sports betting segments. The PENN Analyst: JPMorgan analyst Joseph Greff upgraded shares of Penn from Neutral to Overweight and raised the price target from $19 to $27. Read Also: PENN Entertainment Stock Climbs Despite Q3 Earnings Miss: What’s Going On? The Analyst Takeaways : Penn has a favorable risk-reward going forward, Greff said in a new investor note. The analyst said there is a sightline to the "bottoming of its regional land-based casino cashflow generation" and a path to modest growth for its retail projects. "In addition, we see reasonably set expectations for near-term Interactive (OSB and iGaming) losses for the 4Q24 and 2025 with buy-side expectations for modestly positive EBITDA generation in 2026," Greff said. Greff said ESPN Bet continues to be one of the biggest drivers for the stock. "We see a scenario of modestly positive segment EBITDA as not priced in the shares and, importantly, is not that much more than PENN's estimated annual market access fees." Penn pays Walt Disney Co DIS for the rights to the ESPN name and brand. Greff said if ESPN Bet is not profitable, the company could shut it down and "milk the $60m-ish of market access fees." The analyst said company commentary said monthly active users were up 144% year-over-year for ESPN Bet with average handle per user up 64% month-over-month. Enhancements made by Penn to further integrate the ESPN brand into the platform ahead of the NFL season look to have paid off, the analyst added. The analyst said if ESPN Bet isn't successful, there is still value of the company's land-based casinos and market access fees that sportsbooks pay the company, assigning a value of $26 for this segment. Penn's $850 million being spent in 2024 and 2025 on four retail growth projects is highlighted by the analyst, which includes replacing a riverboat facility with a land-based casino and hotel, developing a new land-based casino and adding hotels for the Hollywood Columbus and M Resort properties. "Net-net we see a favorable fundamentally driven risk-reward given improving free cash flow ... and shrinking Interactive losses." PENN Price Action: Penn stock is up 3.60% to $20.73 on Friday versus a 52-week trading range of $13.50 to $27.21. Penn stock is down 20% year-to-date in 2024. Read Next: Robinhood CEO Vlad Tenev Says Sports Betting Comments Taken ‘A Little Bit Out Of Context,’ But He Also ‘Wouldn’t Rule It Out’ Photo: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.South Carolina looks to steady ship against South Carolina Upstate

Share this Story : Ottawa LRT to shut down Saturday for software testing on Stage 2 extension Copy Link Email X Reddit Pinterest LinkedIn Tumblr Breadcrumb Trail Links News Local News Ottawa LRT to shut down Saturday for software testing on Stage 2 extension R1 and shuttle bus service will be provided for transit users on Dec. 14. Author of the article: Sadeen Mohsen, Special to the Citizen Published Dec 10, 2024 • Last updated 57 minutes ago • 1 minute read Join the conversation You can save this article by registering for free here . Or sign-in if you have an account. A Nov. 7 file photo of the uOttawa Station on Line 1. Photo by Tony Caldwell / Postmedia Article content Ottawa’s Line 1 LRT system will be fully shut down for planned testing and service adjustment on Dec. 14. Article content Article content The closure is required for “system integration testing of train control software” on the Stage 2 O-Train eastern extension, Transit General Manager Renée Amilcar wrote in a memo to the mayor and city councillors on Tuesday. Amilcar’s memo said the goal was to create “seamless travel on the extended line from Blair Station to Trim Station as part of the O-Train East extension.” Advertisement 2 Story continues below This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Elizabeth Payne, David Pugliese, Andrew Duffy, Bruce Deachman and others. Plus, food reviews and event listings in the weekly newsletter, Ottawa, Out of Office. Unlimited online access to Ottawa Citizen and 15 news sites with one account. Ottawa Citizen ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Elizabeth Payne, David Pugliese, Andrew Duffy, Bruce Deachman and others. Plus, food reviews and event listings in the weekly newsletter, Ottawa, Out of Office. Unlimited online access to Ottawa Citizen and 15 news sites with one account. Ottawa Citizen ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account Email Address Continue or View more offers If you are a Home delivery print subscriber, online access is included in your subscription. Activate your Online Access Now Article content Construction on the 12.5-kilometre Stage 2 eastern extension construction began in 2021. When completed, it will connect Blair Station with five new stations further along in Ottawa’s east end: Montreal; Jeanne d’Arc; Orléans Boulevard; Place d’Orléans; and Trim. The eastern extension will not be available for service until sometime in 2025. Meanwhile, the north-south Trillium Line extension is set to open on Jan. 6 — more than two years after its original target date — following months of testing. “We understand that this service adjustment is disruptive and thank our customers for their ongoing patience,” Amilcar said. During Saturday’s shutdown of Line 1, also known as the Confederation Line, R1 bus service will operate between Tunney’s Pasture and Blair stations between 6 a.m. and 2 a.m. In addition, shuttle buses will run between St-Laurent and Cyrville stations in the east end and between Lees Station and Mackenzie King Bridge in central Ottawa, Amilcar’s memo said. Regular service for Line 1 is planned to resume on Dec. 15, the memo added. Our website is your destination for up-to-the-minute news, so make sure to bookmark our homepage and sign up for our newsletters so we can keep you informed. Recommended from Editorial Ottawa police search for suspect in alleged LRT sexual assault Ottawa's Trillium Line LRT to open Jan. 6 Article content Share this article in your social network Share this Story : Ottawa LRT to shut down Saturday for software testing on Stage 2 extension Copy Link Email X Reddit Pinterest LinkedIn Tumblr Comments You must be logged in to join the discussion or read more comments. Create an Account Sign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. 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