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This sports betting company is a good short-term buy, Deutsche Bank says

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The firm initiated a catalyst call buy on a gaming stock, citing the upcoming launch of ESPN BET as a short-term upside catalyst.

While Deutsche Bank is skeptical on the long-term story for Penn National Gaming , it is bullish on shares in the short-term. Analyst Carlo Santarelli put a catalyst call buy, or short-term buy rating, on the sports betting company, which trades as PENN Entertainment. He has a hold rating and maintained his $29 price target on shares. The price target implies the stock could rally more than 35% from Wednesday's close. Shares rose nearly 5% in premarket trading Thursday.

" In August, the company signed a licensing deal with ESPN to rebrand its sportsbook to ESPN BET, slated to launch in November. Through the deal, Penn has the exclusive right to the ESPN Bet trademark in the U.S. for 10 years, with potential to be extended. "We expect the launch to drive healthy handle and GGR OSB market share gains, while also garnering considerable attention from mainstream financial media outlets," Santarelli said.

 

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