ESPN BET Undervalued by Market, According to Investment Firm

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Truist Securities has revised its outlook on PENN Entertainment, citing market undervaluations of the company's sports betting app, ESPN BET.

Truist Securities has revised its outlook on PENN Entertainment, citing market undervaluations of the company's sports betting app, ESPN BET.on PENN Entertainment, raising its target share price from $23 to $25. In addition, the company suggested that PENN’s sports betting app, ESPN BET, is undervalued by the market.

Truist analysts Barry Jonas, Patrick Keough, and Ramin Robhany highlighted ESPN BET’s revamped parlay product and ESPN Fantasy app integration as significant features that are often overlooked. “As we outlined in our recent upgrade , we think the market is undervaluing the company,” the analysts wrote.In the report, Truist analysts highlighted ESPN BET's strategic importance within Disney's direct-to-consumer strategy. Truist also praised plans for deeper integration between Penn and Disney, suggesting that such efforts could unlock additional value for the sports entertainment company.

“We see ESPN BET as a core tenant of DIS’ ESPN DTC strategy, and are encouraged by both companies’ commentary about deeply integrating the two,” the analysts noted. “While the market is hesitant to give PENN value for ESPN Bet today, we think the more integration work done ultimately drives more value to PENN.”

This isn't the first time Truist has revised its outlook on PENN Entertainment. In April, the firm upgraded its rating from ‘Hold’ to ‘Buy,’ citing similar reasons. DespiteIf you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.

 

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