PENN Entertainment Inc PENN stock appears to be on the rise after the company announced new retail guidance on Tuesday.
What Happened: Penn Entertainment held an investor event in Las Vegas on Monday to discuss the company’s business strategy, operations and other key developments. In connection with this event, Pennsylvania updated its guidance with a new regulatory filing.
Penn said he expects adjusted EBITDAR for the retail business to be in the range of $465 million to $475 million in the third quarter. The company also raised its adjusted EBITDA outlook for the third quarter. Penn now expects a loss of $90 million to $100 million, up from previous expectations of a loss of $115 million to $135 million. The company pointed to product improvements and reductions in promotional expenses as contributing factors to the increase.
Penn also plans to release third-quarter results before the market opens on November 7th. Analysts currently expect the company to report a quarterly loss of 26 cents per share on revenue of $1.684 billion, according to Benzinga Pro estimates.
Following the guidance update, Needham analyst Bernie McTernan reiterated his rating on Penn Entertainment as a “buy” and maintained his price target of $26.
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Penn Stock Price Trends: According to Benzinga Pro, Penn Entertainment stock was up 0.70% to $18.70 at press time.
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