UPDATE: Roth Capital Upgrades DraftKings Inc. (DKNG) to Buy

August 17, 2022 7:17 AM EDT
Get Alerts DKNG Hot Sheet
Price: $15.14 -1.24%

Rating Summary:
    23 Buy, 14 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 4 | New: 31
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(Updated - August 17, 2022 8:32 AM EDT)

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."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $20.66 yesterday.

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