On Thursday, Goldman Sachs initiated coverage of Penn National Gaming with a buy rating and $60 price target, implying a 20% upside from current levels, as it sees the gaming company “at the cross-section of a rapidly rebounding regional casino space and inflecting growth in sports betting.” Of Penn’s partnership with Barstool Sports, Goldman thinks Barstool’s “embedded customer base and content creation engine will drive one of the lowest customer acquisition costs in the industry,” which will pay off for Penn.
