DraftKings A Winner In Sports Betting Sector, Analysts Expect Momentum To Continue
Portfolio Pulse from Chris Katje
DraftKings Inc (NASDAQ:DKNG) continues to receive strong ratings from analysts, with Needham's Bernie McTernan giving a Buy rating and a $44 price target. McTernan sees DraftKings as a leader in the online gambling market, which could be worth up to $35 billion. JMP Securities analyst Jordan Bender, who has a Market Outperform rating and a $39 price target, raised Q3 revenue estimates to $701 million. DraftKings shares are up 151% year-to-date in 2023.
September 25, 2023 | 5:18 pm
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DraftKings continues to receive strong ratings from analysts, with a Buy rating and a $44 price target from Needham's Bernie McTernan. JMP Securities analyst Jordan Bender raised Q3 revenue estimates to $701 million.
The positive ratings and increased revenue estimates from analysts indicate a strong performance for DraftKings. This could lead to an increase in the company's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Flutter Entertainment's FanDuel jumped from fifth to second among sports apps, passing DraftKings in the app store rankings.
The rise in app store rankings for FanDuel indicates increased popularity and usage, which could positively impact Flutter Entertainment's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
PENN Entertainment plans to rebrand its Barstool Sportsbook to ESPN Bet before the end of the year, potentially benefitting from ESPN’s built-in fanbase.
The rebranding of Barstool Sportsbook to ESPN Bet could attract a larger audience due to ESPN's built-in fanbase, potentially leading to an increase in PENN Entertainment's stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50