Stifel hikes Penn National price target by 80%, says 'Portnoy Momentum' will keep driving the stock

David Portnoy, Barstool Sports
Scott Mlyn | CNBC

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The Barstool boost for Penn National Gaming won't slow down anytime soon, investment firm Stifel said in a new a note to clients. 

The gaming company made a significant investment in Barstool Sports, a sports media company led by Dave Portnoy, earlier this year, and has seen its stock soar. Stifel, which has a buy rating on the stock, significantly raised its share price target and said that as much as half of Penn's current stock price may be attributed to Barstool.