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☆ Penn lays off about 100 employees as it focuses on ESPNBet growth
▼ + stars: | 2024-07-18 | by ( Contessa Brewer | ) www.cnbc.com time to read: +2 min

Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPNBet. "This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition." Penn went on to say it's embarking on a new phase of growth in its interactive business, which include ESPNBet, a $2 billion branding partnership with Disney's ESPN. Penn's release of new ESPNBet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results. Truist has a buy rating on Penn and a price target of $25.

Persons: Jay Snowden, theScore, Snowden, Penn, it's, Barry Jonas, Jonas, Truist Organizations: ESPN, Penn Entertainment, ESPNBet, PENN, CNBC, Disney's ESPN, Donerail, Penn, ESPN Bet Locations: New York

Gould is more bullish than many on Wall Street, as the average price target of analysts polled by LSEG is $484.42. Analyst Harold Antor downgraded the stock to hold from buy and slashed his price target by $4 to $8. Analyst Jeffrey Stantial upgrade the sports betting stock to buy from hold and raised his price target by $5 to $45. Stantial's new price target implies shares can jump 19.9% over the next year from Thursday's close. UBS raised its rating on Texas Instruments to buy and increased its price target to $195 from $170.

Persons: Chipmakers, Wells, Bernstein, PDD, Robin Zhu, Zhu, Temu, there's, Shein, — Alex Harring, Alan Gould, Gould, Jefferies, Hertz, Harold Antor, Antor, There's, Saul Martinez, Martinez, Alex Harring, Stifel, Jeffrey Stantial, Stantial, Wells Fargo, Aaron Rakers, Mark Zuckerberg, Zuckerberg, TXN, Timothy Arcuri, FCF –, Fred Imbert Organizations: CNBC, UBS, Texas, Nvidia, Meta, PDD Holdings, Netflix, HBO, LSEG, Hertz, EV, Jefferies, HSBC, Discover, Facebook, Big Tech, Texas Instruments Locations: China, Thursday's

☆ ESPN's VP of sports betting shares his keys to success for ESPN Bet and an inside look into the partnership with Penn
▼ + stars: | 2023-11-17 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +8 min

In other words, ESPN Bet has arrived. The companies announced in August their collaboration, with the operator selling its stake in Barstool Sports to rebrand Barstool Sportsbook as ESPN Bet. Screenshots from the ESPN Bet app. Providing easy transitions between the ESPN and ESPN Bet apps is a key focus to drive that metric, he added. — ESPN BET (@ESPNBet) November 10, 2023The move has given ESPN Bet an advantage on social media with 5.4 million followers on X, 2.7 million on Facebook, and 2.4 million on Instagram.

Persons: It's, Jay Snowden, Mike Morrison, Morrison, Scott Longley, DraftKings, Penn, Snowden, Jimmy Pitaro, Pitaro, I'm, cohesively we've, Keys, Fubo Sportsbook, Maxim Bet, it's Organizations: ESPN Bet, ESPN, Penn Entertainment, Sports, Business, Apple, Caesars, Penn, ESPN Penn, TheScore, Fox, Maxim, Yahoo, Walt Disney Company, ESPN BET, Facebook Locations: Penn, Las Vegas

☆ JPMorgan upgrades this sports betting stock that can rally 35%
▼ + stars: | 2023-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Joseph Greff upgraded the sports betting stock to overweight from neutral and raised his price target by $11 to $37. His new price target implies an upside of 35.2% from Monday's close. "We are taking advantage of sluggish share price performance since late July," Greff said in a note to clients Tuesday. The stock has fallen about 13% since July, while the S & P 500 pulled back by about 6%. Notably, Greff said to expect a sports betting market size of $23.2 billion in the U.S. and Ontario by 2030. iGaming's market size over the same timeline and locations should near $13.5 billion in 2030.

Persons: underperformance, Joseph Greff, Greff, — CNBC's Michael Bloom Organizations: JPMorgan, Penn Entertainment, Caesars Locations: DraftKings, Monday's, U.S, Ontario

☆ This sports betting company is a good short-term buy, Deutsche Bank says
▼ + stars: | 2023-09-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

While Deutsche Bank is skeptical on the long-term story for Penn National Gaming , it is bullish on shares in the short-term. Analyst Carlo Santarelli put a catalyst call buy, or short-term buy rating, on the sports betting company, which trades as PENN Entertainment. In August, the company signed a licensing deal with ESPN to rebrand its sportsbook to ESPN BET, slated to launch in November. Through the deal, Penn has the exclusive right to the ESPN Bet trademark in the U.S. for 10 years, with potential to be extended. An Investor Day in December, which is likely to focus on ESPN BET, will also highlight the brand's early traction, he added.

Persons: Carlo Santarelli, Santarelli, Penn, GGR, — CNBC's Michael Bloom Organizations: Deutsche Bank, Penn National Gaming, PENN Entertainment, ESPN, ESPN BET, ESPN Bet Locations: Wednesday's, U.S, Las Vegas

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