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4. Penn Entertainment Inc. (NASDAQ:PENN)

Number of Hedge Fund Holders: 56

Susquehanna maintained a positive recommendation on Penn Entertainment Inc. (NASDAQ:PENN) and increased its price objective from $24 to $25 on June 10.

The firm stated that the outcome of the impending proxy contest, which is anticipated to end by June 17, will probably be disappointing. Susquehanna does not expect any major strategy changes regardless of the result, but the analyst gives the appointment of two new board members a high possibility and the addition of three a low probability.

Susquehanna acknowledged the recent mid-course correction in Penn Entertainment Inc. (NASDAQ:PENN)’s digital strategy, calling the change “painful” and contributing to the stock’s slow growth. Nonetheless, the management sees the change as a necessary realignment to set up the business for long-term success.

The board overhaul is not anticipated to result in significant operational changes, despite temporary setbacks. The updated price target shows a little rise in optimism, based more on stabilization than revolutionary expansion.