(Bloomberg) -- Barstool Sports founder Dave Portnoy believes Penn National Gaming Inc. and the Barstool Sportsbook can run the show when it comes to online sports betting.
Responding to Credit Suisse initiating coverage on Penn with an outperform rating and a street-high $128 price target, Portnoy tweeted “pray for everybody else if being profitable matters.”
“We’re the only ones that don’t need to spend billions on advertising,” Portnoy added.
Analyst Benjamin Chaiken says Penn is “uniquely positioned” to operate its online sports betting business at higher margins than others given its cost profile and ownership structure with Barstool, which it has a 36% equity-stake in.
It’s not the first time Portnoy, who trades stocks as “Davey Day Trader” in his free time, interacted with an analyst. In October he slammed a Deutsche Bank analyst for his cautious view on Penn, asking CNBC host Jim Cramer “do analysts ever get fired for being catastrophically wrong?” That analyst maintains a $31 price target for the company.
It has been quite the run for Penn, shares are up over 300% in the last year as the company rolls out its sportsbook. It’s planning to start offering its betting app in Michigan on Friday.
In his personal capacity, Portnoy is bullish on the market in general. “I do overall believe if you just hold, and you have the time to hold, stocks will always go up,” he said during an interview on the Masters in Business podcast with Barry Ritholtz last year.
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