DKNG - DraftKings closes higher as sentiment improves ahead of earnings

2023-07-07 16:43:37 ET

DraftKings Inc ( NASDAQ: DKNG ) closed up 5.6% as sentiment improves ahead of earnings expected next month.

Oppenheimer bumped its price target to $36 from $30 on higher user engagement and BTIG Research called DKNG a top pick for the second half of the year.

"DraftKings ( DKNG ) is expected to benefit from favorable fundamentals in 2023, including product improvements, increasing parlay mix, a positive operating backdrop, and improved efficiency, which could drive significant upside in estimates and positive revisions," BTIG said.

The firm picked DraftKings ( DKNG ) over Flutter Entertainment plc ( OTCPK:PDYPY ) because of its stronger performance potential and competitive narrowing.

DKNG has three Seeking Alpha analysts Buy ratings, three Holds and two Sells. It has 19 Buy or Strong Buy ratings from Wall Street analysts, 11 Holds and two Sells.

Its EPS has been revised 20 times to the upside over the past three months, with no revisions downward.

More on DraftKings:

• BTIG unveils top picks for rest of '23: D.R. Horton, CrowdStrike, DraftKings among names
• Fanatics wins race for PointsBet's U.S. business over DraftKings
• Sports betting investors eye DraftKings M&A and Fanatics IPO

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