UPDATE: Roth Capital Upgrades DraftKings Inc. (DKNG) to Buy
- Wall St posts third straight quarterly loss as inflation weighs, recession looms
- Intel's Autonomous Unit Mobileye Files U.S. IPO, Defying Weak Market Conditions
- Nike (NKE) Drops 9% as Inventory Surges 44%, Analysts See Attractive Valuation
- Hollywood Super Agent Attempts to Open Door for Twitter-Musk Settlement - Bloomberg
- Dollar up on euro as quarter ends, commodity led currencies sink
Roth Capital analyst Edward Engel upgraded DraftKings Inc. (NASDAQ: DKNG) from Neutral to Buy with a price target of $25.00 (from $18.00).
The analyst comments "We see a tactical opportunity to own U.S. iGaming stocks ahead of NFL season and upgrade DKNG to Buy (PT +$7 to $25) while reiterating Buy for RSI (PT +$1 to $11). OSB/iGaming stocks have historically outperformed between mid-summer and the start of NFL season, when the sports calendar swings from trough to peak. We also believe investors are buying into the narrative of OSB profitability, after 2Q commentary from FanDuel/PENN/CZR. While we still expect an intense marketing/promo environment over NFL season, we see less intensity vs 2H21 after CZR and several fringe operators tapered back in 2022. We also believe a softening macro favors OSB/ iGaming stocks as investors rotate into secular growth stories that benefit from a nationwide pull back in ad spend."
Shares of DraftKings Inc. closed at $20.66 yesterday.
You May Also Be Interested In
- UPDATE: Odeon Capital Upgrades Bed Bath & Beyond (BBBY) to Hold
- Pearson PLC (PSON:LN) (PSO) PT Lowered to GBP10.51 at Goldman Sachs
- Mphasis Ltd. (MPHL:IN) PT Raised to INR2,228 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesRoth Capital
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!