Barstool Sports could drive 'rapid share gains' for Penn National Gaming and help drive the stock 20% higher, according to Goldman Sachs
investment in Barstool Sports could pay dividends for years to come as online sports betting begins to take off, according to Goldman Sachs.
The firm initiated Penn National with a buy and set a $60 price target, implying 20% upside potential from Wednesday's close.In January, Penn National Gaming acquired a 36% stake in Barstool Sports for $163 million, and has the option to acquire an additional 14% of the sports-focused media company three years after the deal, via warrants.
The key advantage Penn National has over its sports betting competitors is the massive social media following of Barstool Sports, which essentially translates into free advertising.
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