What's Going On With DraftKings Stock Friday?
Portfolio Pulse from Anusuya Lahiri
DraftKings Inc (NASDAQ:DKNG) stock is trading higher after Oppenheimer analyst Jed Kelly maintained an Outperform rating and raised its price target from $30 to $36. The company's NY handle share surpassed FanDuel for the first time since OSB launch in January 2022. DraftKings and FanDuel dominate market share in new OSB states, accounting for 70-80% and 75-85% of Handle and Gross gaming revenue in each market during April and May. DraftKings expects favorable legislation outcomes in either IA/IL/NY over the next 18 months.
July 07, 2023 | 5:41 pm
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DraftKings' stock is trading higher after an analyst maintained an Outperform rating and raised its price target. The company's market share has grown, surpassing FanDuel in NY handle share. It also expects favorable legislation outcomes in IA/IL/NY.
The positive analyst rating and increased price target from Oppenheimer are likely to boost investor confidence in DraftKings, leading to a short-term increase in the stock price. Additionally, the company's growing market share and potential favorable legislation outcomes could further enhance its financial performance and stock value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100