UPDATE: Berenberg Upgrades DraftKings Inc. (DKNG) to Hold
- U.S. stocks, dollar sluggish, all eyes on Fed meet this week
- Tesla (TSLA) Tops Q2 EPS by 49c, Revenues Beat
- Chinese Tech Stocks Crushed on Fresh Regulatory Pressure
- Nearly $1 Billion Bitcoin (BTC) Shorts Liquidated Today Amid Amazon (AMZN) Rumors
- Aon (AON) and Willis Towers Watson (WLTW) Mutually Agree to Terminate Combination Agreement
Berenberg analyst Jack Cummings upgraded DraftKings Inc. (NASDAQ: DKNG) from Sell to Hold with a price target of $42.50.
The analyst comments "Since we initiated on DraftKings in January, its shares have fallen c16% with our fair value estimate per share now offering minimal downside to the current share price. While our thesis is yet to play out and we remain concerned about the integration and tech migration that is due to complete in September, at the current share price we think much of the risk to market share declines is priced in. As a result, we upgrade to Hold and increase our price target to USD42.50, reflecting the better-than-expected Q1 results."
Shares of DraftKings Inc. closed at $44.01 yesterday.
You May Also Be Interested In
- UPDATE: Raymond James Upgrades Murphy USA (MUSA) to Outperform
- UPDATE: Guggenheim Starts Jack In The Box (JACK) at Buy
- UPDATE: Guggenheim Starts Wendy's (WEN) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!