Penn Entertainment price target lowered to $20 from $25 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Penn Entertainment to $20 from $25 and keeps a Hold rating on the shares following the weaker results and guidance. Regional casinos have stabilized following challenging weather early in the year, with strength in the Northeast/Midwest offset by weakness in the South/West, the analyst tells investors in a research note. ESPN Bet results were below expectations and guidance was adjusted considerably for lower market share assumptions and integration timeline, the firm adds.