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Penn National Gaming (NASDAQ: PENN) was one of the best-performing stocks in 2020 with shares up over 200%.
What Happened: KeyBanc analyst Brett Andress initiated a Sector Weight rating on Penn National on Thursday due to a lofty assumption versus peers. Penn National was also downgraded from Hold to Sell by Loop Capital.
Barstool Sports offers a promising online sports betting and iGaming future, KeyBanc analysts said. The sports betting and iGaming market is given a total addressable market size of $13.5 billion by the analyst, ranking among the lowest figures from analysts.
“The stock has meaningfully outperformed over the past year, which we attribute to investors’ hope that Penn can successfully capitalize on the growing online gaming opportunity in the U.S.,” the Loop team said.