Penn National gets a pair of Wall Street target hikes on Barstool betting app debut

From left: David Portnoy, Erika Nardini of Barstool Sports and Jay Snowden, Penn National Gaming on CNBC's Mad Money, January 29, 2020.
Scott Mlyn | CNBC

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Two Wall Street firms said Wednesday that they aren't backing away from Penn National Gaming after the stock ripped higher over the past two months.

JPMorgan and Rosenblatt Securities both raised their price targets on Penn, which has been boosted by a partnership with Barstool Sports. The stock has risen 170% year to date and more than doubled since the end of July.

"While we recognize PENN's impressive share price outperformance, and many sell-side firms have thrown in the towel with downgrades, we still see value and catalysts ahead," the JPMorgan note said.