PENN Entertainment Analysts Cut Their Forecasts Following Weak Results

PENN Entertainment PENN reported worse-than-expected fourth-quarter results on Thursday.

Penn reported fourth-quarter revenue of $1.4 billion, which missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro. The company reported a loss of $1.75 per share, which missed a Street consensus estimate of a loss of 52 cents per share.

"Penn delivered another quarter of solid property level performance while continuing to invest in our high growth digital business, which we believe will create significant long term shareholder value," Penn CEO Jay Snowden said.

Penn is paying The Walt Disney annually for the ESPN license for its sportsbook.

PENN Entertainment shares fell 13.8% to close at $19.39 on Thursday.

These analysts made changes to their price targets PENN Entertainment after the company reported quarterly results.

• Needham cut the price target on PENN Entertainment from $33 to $32. Needham analyst Bernie McTernan maintained a Buy rating.
• Macquarie slashed the price target on PENN Entertainment from $35 to $33. Macquarie analyst Chad Beynon maintained an Outperform rating.

Read This Next: Coinbase, PPL And 3 Stocks To Watch Heading Into Friday