PENN and DKNG had their price targets raised by analysts. But even after a record year, it's still best to avoid gaming stocks.
DraftKings and Penn National Gaming stocks will outperform the market by selling additional products to their existing customers, according to a new research note. JMP analyst Jordan Bender on Tuesday initiated coverage on the gaming companies with a Market Outperform rating. DraftKings’ stock was down 2.9% to $13.20 on Tuesday whereas Penn National was up 0.8% to $32.58.
A sell-side firm started fundamental coverage of Penn National Gaming with an "outperform" rating Tuesday. The operator of casinos and racetracks saw its stock price soar into March 2021 but then prices reversed direction. The daily On-Balance-Volume (OBV) line is showing signs of bottoming and a shift from aggressive selling to aggressive buying.