SGMS - FuboTV Penn National Gaming and Scientific Games are part of Bernstein bull call on gaming
Bernstein is out with a huge bull call on the gaming sector. The firm expects upside for the sector with a forecast for a growing market recovery in retail gaming and improving social outlook surrounding other gaming sector segments like digital and sportsbook. Other positive factors include the growing addressable market in the U.S., the increased odds for legislation in new states with budgets strained and cost improvement amid more M&A and consolidation. Analysts Zachary Silverberg and Brian McNamara say they prefer names with strong growth profiles and conservative balance sheets that appear to be undervalued. With that in mind, Bernstein launches coverage on Penn National Gaming (PENN +4.6%), Churchill Downs (CHDN +0.1%), International Game Technology (IGT +0.4%), Scientific Games (SGMS -0.8%) and fuboTV (FUBO +0.9%) with Buy ratings. On PENN ($95 price target, 22% upside): "We expect will capture mindshare given its strong marketing and reach with Barstool Sports
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FuboTV, Penn National Gaming and Scientific Games are part of Bernstein bull call on gaming