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BofA Securities is out with an early, positive reaction to the Barstool Sportsbook app after its opening weekend in Pennsylvania.

The Penn National Analyst: Shaun Kelley reiterated a Buy rating on Penn National Gaming (NASDAQ: PENN) and raised the price target from $59.75 to $85.

Barstool Sportsbook: The Barstool Sportsbook app was the No. 1 sports betting app and the No. 1 sports app in the Apple Inc. (NASDAQ: AAPL) App Store during the company’s weekend launch. Barstool founder Dave Portnoy took to Twitter to show off the No. 1 spot for the app.

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“Our initial impressions are positive given the app’s ease of use and leverage of the Barstool brand to create a unique interactive experience,” BofA's Kelley said in a Monday note. “We think the app targets more of a casual bettor than competitors.”

In its first two days of availability, the Barstool Sports app was downloaded 29,000 times. That is four times higher than the number of downloads that FanDuel and DraftKings Inc (NASDAQ: DKNG) saw after their launch, the analyst said.

The Barstool Sportsbook app was downloaded 23,000 times on Saturday, which is higher than any single day for rivals FanDuel and DraftKings, he said.

The app maintains a 4.9-star rating, making it the top-rated sportsbook.

“Penn’s ability to drive conversion from downloads to deposits and deposits to bets/revenue is the next critical step,” Kelley said.

BofA's Penn National Price Target: The increased price target comes from the initial success of the Barstool app and the rise in DraftKings shares, the analyst said.

“We roll forward to 2022 estimates and assign a higher multiple to sports and iGaming following the recent move higher in DraftKings,” the analyst said.

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BofA's price target is based on a 12x EV/EBITDA multiple on estimated 2022 earnings and 8.5x revenue on sports betting/iGaming.

“Most consumer growth stocks trade at double digit EBITDA multiples,” Kelley said. “Factor in Penn’s leverage, small size, retail base, momentum and short interest and it's easier for us to see additional upside.”

PENN Price Action: Shares of Penn National were trading down 0.55% at $70.21 at last check Monday.

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The stock hit a new 52-week high last week of $76.62 ahead of the Barstool Sportsbook launch.

Courtesy photo.

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