BofA Securities analyst Shaun Kelley upgraded DraftKings Inc. (NASDAQ: DKNG) from Neutral to Buy with a price target of $27.00.

The analyst comments "We are upgrading shares of DraftKings (ticker: DKNG) to Buy from Neutral, and our price objective of $27 is unchanged. Why now? We have been on the sidelines for DKNG for the past year given a challenging event path from prediction markets (PM) and material estimate risk. Now we see 1) PMs as a win-win, 2) less cannibalization risk, 3) bottoming Street ests., and 4) a favorable risk reward with the stock down -47% in the past year."

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 $18.59 yesterday.