Goldman Sachs Shares Weaken with Dow, Flags Penn Entertainment Buy Rating at $26
GS•Goldman Sachs initiated coverage on Penn Entertainment with a Buy rating and $26 price target, citing a regional gaming resurgence and expected $120 million in EBITDAR from Illinois projects. Goldman Sachs shares fell sharply today, contributing to a 300-point decline in the Dow Jones Industrial Average.
1. GS Initiates Penn Entertainment Coverage
Goldman Sachs began coverage on Penn Entertainment, assigning a Buy rating and $26 price target as analysts highlighted an inflection point in the regional gaming sector and anticipated positive earnings revisions.
2. Illinois Casino Projects to Boost Earnings
Analysts project Penn’s Hollywood Aurora project will contribute $54 million in EBITDA when fully operational while Hollywood Casino Joliet has already generated $115 million in gaming revenue, supporting expectations of $120 million in EBITDAR from $850 million of recent investments.
3. Goldman Shares Weigh on Dow's 300-Point Slide
Goldman Sachs stock experienced significant losses during today’s session, helping to push the Dow Jones Industrial Average down by 300 points as broader market pressures intensified.
