Research Notes: Lincoln And PENN Soar
We update on a pair of names that made big moves this week
Highlights:
Lincoln Educational provides an interesting case study in why valuation is necessary, but not sufficient, in small-cap investing.
But a big quarter from the business sets the stage for more gains ahead.
The agreement between PENN and Disney’s ESPN has real risk, and optimism towards the partnership seems overblown.
But there is logic to the deal, and a potential escape hatch if it disappoints. We still can’t quite get over the hump for PENN, but the stock remains intriguing.