The growth of sports betting has exploded over the past few years. One company at the forefront of that space is Penn National Gaming, Inc (NASDAQ: PENN).
Casino stocks have taken a big hit this week on fears about regulatory crackdowns in the Macau, China market. However, one Wall Street analyst said now is a great time to step in and selectively buy the dip in gambling stocks with limited exposure to China.
The Analyst: Wells Fargo analyst Daniel Politzer has initiated coverage of the following 12 casino stocks:
By Josh Kincaid
Summary
Protecting your portfolio during economic uncertainty with sin stocks
Sin clauses, SRI and ESG may come at a financial cost
Sin stock’s benefits in addition to being recession-proof, generating strong and consistent earnings, and having limited competition
Wells Fargo analyst Daniel Politzer initiates coverage on Penn National Gaming (NASDAQ:PENN) with a Equal-Weight rating and announces Price Target of $82.
Early data for the first week of the National Football League season shows a large increase from the prior year with more states having legalized betting in place.
The growth of online sports betting in the United States is creating opportunities for companies in the sector.
Many analysts and industry experts have also predicted consolidation in the sports betting market. A recent minority investment by a larger sports betting company could foreshadow a buyout down the road.