Why Penn National Gaming's Stock Is Trading Higher Today

Penn National Gaming, Inc. PENN shares are trading higher after Needham initiated coverage on the stock with a Buy rating and a price target of $151 per share.

"We are bullish on the market opportunity in the US for OSB and iGaming, forecasting a $32B TAM, with greater probability-weighted upside risk relative to downside risk, in our view," Needham analyst Bernie McTernan wrote in a note.

Penn National Gaming is the operator of gaming and racing properties and video gaming terminal ("VGT") operations in the U.S.

Penn National Gaming's stock was trading 6% higher at $95.68 at the time of publication. The stock has a 52-week high of $142 and a 52-week low of $14.31.