Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
On Tuesday, analysts at Deutsche Bank reaffirmed the Buy rating on shares of Penn National Gaming Inc. (NASDAQ: PENN) and raised the price target from $15 to $17.
Carlo Santarelli outlined reasons for the price target increase.
The worst appears to be over as regional markets are showing signs of stability. Santarelli feels Penn National offers a compelling GARP (growth at a reasonable price) idea.
Penn National offers appealing growth opportunities compared to its peers, Santarelli writes, “Currently, PENN trades at an ~1 turn discount to PNK and BYD, despite a meaningfully stronger two-year EBITDA growth CAGR. We estimate PENN will grow adjusted EBITDA at an ~11% CAGR through 2016, while BYD will grow at ~1.6%, and we expect PNK to contract through 2016.”
Lastly, Santarelli finds upcoming catalysts are: 1) raised revisions to out-year estimates from Plainridge potential, 2) upside to near-term numbers given solid aggregate October results and continued strength at the recently opened Ohio tracks, 3) upside potential from NY license approval, 4) greater appreciation for the company’s returns on invested capital relative to peers.
Shares of Penn National closed Monday’s session at $13.15 down 2.95 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!