FMP
DraftKings Stock Gains 3% Following JPMorgan Upgrade
Sep 26, 2023 4:44 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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DraftKings (NASDAQ:DKNG) shares saw more than 3% increase intra-day today after an upgrade by JPMorgan.
The bank upgraded the company from Neutral to Overweight and raised the price target from $26 to $37, suggesting a potential 35% upside from the previous day's closing price.
The upgrade comes in response to DraftKings' underperformance since July, with a 13% decline compared to a 6% drop in the S&P 500. The analysts are optimistic about the sports betting industry's growth potential, both in existing markets and new markets, amid a trend toward better cost control.
The analysts believe DraftKings has a strong competitive position, including a robust product, scale, and brand, that will enable it to compete effectively against new entrants like ESPNBet and Fanatics.
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