Truist Securities analyst Barry Jonas reiterated a Buy rating and $30.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst commented: "We hosted a post-Q1 group call with DKNG's IR team today, with mgmt highlighting its core business performance in Q1 with momentum into Q2. In the near term, mgmt sees the World Cup as a significant opportunity for DKNG boosted by its new Spanish functionality. On PMs, mgmt is operating under the assumption (and hoping) that PMs are here to stay and is already profiting from market making activities. We maintain our $800M 2026E EBITDA estimate (mdpt of guide), but change cadence, now assuming Q2 EBITDA of ~$150M factoring 1) increased PM spend, 2) WC marketing and 3) Alberta. We reiterate our Buy on the back of solid underlying business trends and PM optionality."

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Shares of DraftKings Inc. closed at $24.51 yesterday.