Bet On It: Ohio Entities Seek Piece Of Potential Sports Betting Pie

Deutsche Bank analyst Carlo Santarelli raised the firm's price target on Boyd Gaming to $77 from $71 and maintained a Buy rating on the shares. It is not often a Street-high property EBITDAR forecast gets beaten by 20%, but that's what Boyd Gaming did, Santarelli told investors in his research note.

Guggenheim analyst Curry Baker initiated coverage of DraftKings with a Buy rating and $75 price target. The analyst believes DraftKings is well positioned to capture a "significant share of the rapidly growing" North American online sports betting and internet gaming markets. His analysis points to a long-term Norther America revenue opportunity of $7.6B-$10.6B. Further, DraftKings has competitive advantages given its "premier" sports gaming brand, market leading position, "flexible" proprietary technology platform that is scalable and "plenty of financial firepower to fund future growth," said the analyst.

Needham analyst Bernie McTernan initiated coverage of Penn National (PENN) with a Buy rating and $151 price target. The stock's risk/reward is "compelling" at current share levels, McTernan told investors in a research note. The analyst is "bullish" on the online sports betting and internet gaming total addressable market in the U.S. and sees the potential for Penn to take "significant, profitable" market share on the strength of Barstool's "differentiated content-driven customer acquisition strategy."

Oppenheimer analyst Jed Kelly initiated coverage of Genius Sports (GENI) with an Outperform rating and $25 price target. Genius is a top-two player in official sports data distribution and is poised to be a beneficiary as leagues "rapidly adopt" betting and streaming to increase fan engagement, Kelly tells investors in a research note. The analyst believes official data will be critical in online sports betting operators' achieving regulatory approval and capturing more share through live betting. He views recent NFL deal as evidence of Genius Sports' "leading value proposition."

JPMorgan analyst Ted Nyhan lowered the firm's price target on Flutter Entertainment (PDYPY) to 15,970 GBp from 16,233 GBp and maintained a Neutral rating on the shares. Deutsche Bank analyst Simon Davies raised the firm's price target on Flutter Entertainment to 16,285 GBp from 15,485 GBp and keeps a Hold rating on the shares.

 

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