UPDATE: Berenberg Upgrades DraftKings Inc. (DKNG) to Hold
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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.
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