{"id":9579,"date":"2023-11-04T14:09:36","date_gmt":"2023-11-04T14:09:36","guid":{"rendered":"https:\/\/infundpros.com\/investment\/draftkings-could-parlay-momentum-into-even-bigger-stock-gains-analysts-say\/"},"modified":"2023-11-04T14:09:37","modified_gmt":"2023-11-04T14:09:37","slug":"draftkings-could-parlay-momentum-into-even-bigger-stock-gains-analysts-say","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9579","title":{"rendered":"DraftKings could parlay momentum into even bigger stock gains, analysts say"},"content":{"rendered":"
\n

Those who bet on DraftKings Inc.\u2019s stock have won big this year, and analysts see more big gains ahead. <\/p>\n

DraftKings shares
\n DKNG,
\n +16.46%<\/bg-quote>
\n on Friday surged to their best single-day performance in nearly a year, rising 16.5% on the heels of a stronger-than-expected earnings report and an upbeat outlook. They\u2019re now up 196% so far in 2023.<\/p>\n

See more:<\/strong> DraftKings\u2019 stock pops on narrowing loss, raised fiscal year revenue guidance<\/p>\n

\n

The online sports-betting company has been winning market share and improving its path to \u201creal profitability,\u201d according to MoffettNathanson analyst Robert Fishman. In the meantime, the company\u2019s outlook for $350 million to $450 million in 2024 adjusted earnings before interest, taxes, depreciation and amortization easily cleared the consensus view. <\/p>\n

\u201c[W]e still expect DraftKings\u2019 momentum to continue into next year, driving sustained, robust top-line growth along with a heightened focus on strategically reining in expense growth,\u201d Fishman wrote. \u201cTogether, this puts DraftKings on the cusp of a meaningful inflection in profitability with our conviction in the DraftKings story stronger than ever.\u201d<\/p>\n

He upped his price target by a buck to $38 while keeping a buy rating on the stock.<\/p>\n

Daniel Politzer of Wells Fargo chimed in that the company is \u201cfiring on all cylinders\u201d as it picks up market share and momentum while boosting its operating scale. <\/p>\n

\u201cWe think DKNG\u2019s investor appeal will broaden,\u201d Politzer wrote, as long-term investors should come to appreciate a further inflection in Ebitda as well as attractive industry dynamics. <\/p>\n

He rates the stock at overweight and boosted his target price to $39 from $37 Friday.<\/p>\n

Piper Sandler\u2019s Matt Farrell pointed out that the next big catalyst will be the company\u2019s Nov. 14 investor day.<\/p>\n

\u201cTo us, it doesn\u2019t appear any of the tailwinds the company is experiencing on either the revenue or cost side are deteriorating, and we look forward to the investor day in a few weeks to gain more insight into the go-forward strategy,\u201d he wrote. \u201cOver the next weeks, we suspect investors will remain focused on the competitive dynamics across the industry, but we think nothing to date has suggested DraftKings won\u2019t at least maintain their share.\u201d<\/p>\n

While ESPN Bet launches soon, Farrell thinks DraftKings \u201cshould continue to be a leader in the market.\u201d<\/p>\n

He rates the stock at overweight and increased his price target to $40 from $35 in a Friday report.<\/p>\n

From the archives (August 2023):<\/strong> Penn dumps Barstool for ESPN-branded sports-gambling service<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Those who bet on DraftKings Inc.\u2019s stock have won big this year, and analysts see more big gains ahead. DraftKings shares DKNG,…<\/p>\n","protected":false},"author":1,"featured_media":9580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-9579","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nDraftKings could parlay momentum into even bigger stock gains, analysts say | inFundPros<\/title>\n<meta name=\"description\" content=\"Those who bet on DraftKings Inc.\u2019s stock have won big this year, and analysts see more big gains ahead. 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