{"id":165801,"date":"2021-03-01T08:05:22","date_gmt":"2021-03-01T16:05:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=165801"},"modified":"2021-03-01T11:39:02","modified_gmt":"2021-03-01T19:39:02","slug":"draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/","title":{"rendered":"DraftKings Stock Notches Record as at Least Eight Analysts Raise Price Targets"},"content":{"rendered":"

DraftKings (NASDAQ:DKNG) stock is traversing new highs today amid a slew of bullish commentary from Wall Street analysts.<\/p>\n

\"DraftKings
DraftKings highlighted at the Nasdaq market site. The stock hit an all-time high today, as at least eight analyst boosted price targets. (Image: Via News<\/em>)<\/figcaption><\/figure>\n

Shares of the daily fantasy sports (DFS) provider and online sportsbook operator are higher by more than 10 percent in early trading. That’s after at least eight sell-side analysts lifted price forecasts on the name. The enthusiasm comes after the Boston-based company last Friday’s forecast 2021 revenue of $1 billion,<\/a> well above a prior projection of $750 million to $850 million.<\/p>\n

Today, Loop Capital’s Daniel Adam raised his forecast to a Street-high $105 from $100. That implies upside of more than 72 percent from the Feb. 26 close.<\/strong><\/p>\n

DKNG delivered a much better-than-expected 4Q across all key metrics. Revenue of $322 million was $89 million higher than consensus, as both Monthly Unique Payers (MUP) and average revenue per MUP (came in above forecast),\u201d said Adam in a note to clients.<\/p><\/blockquote>\n

For now, Adam has the only triple-digit estimate on DraftKings. But there’s plenty of encouraging chatter on the stock<\/a> to go around today. For example, Goldman Sachs analyst Stephen Grambling lifted his price outlook on the name to $73 from $71, while raising his 2021 and 2022 earnings before interest, taxes, depreciation and amortization (EBITDA) forecasts on the back of the fourth-quarter revenue beat and 2021 guidance.<\/p>\n

Grambling says the outlook “reflects strong momentum to start the year,\u201d and there’s a more rapid path to profitability for DraftKings than previously expected.<\/p>\n

More Catalysts for DraftKings Stock<\/h2>\n

It’s not unusual for multiple analysts to pound the table on the same stock on the same day. But what stands out about the eight bullish price revisions on DraftKings is that the number equals nearly a third of the 26 analysts covering the company.<\/p>\n

\n

That doesn’t mean the stock lacks near-term catalysts<\/a> after today. The firm holds its investor day next week, and the NCAA Tournament starts later this month. Additionally, various state-level data points are due out in the coming days with market observers likely to pay close attention to DraftKings’ Michigan results. Online sports betting went live in that state in late January. The company is now live in 14 states, covering nearly a third of the US population.<\/p>\n<\/div>\n

Speaking of potential state catalysts for DraftKings, an Oregon Lottery official said last week the Scoreboard betting app may be transitioned from a platform run by SBTech to a DraftKings offering. SBTech is owned by DraftKings, but the former’s Oregon agreement was reached before it was acquired by the latter.<\/p>\n

Macquarie gaming analyst Chad Beynon boost his DraftKings price target to $71 just days after rolling out a $68 estimate while forecasting 2021 through 2023 sales growth of 51 percent, 23 percent, and 19 percent, respectively.<\/strong><\/p>\n

Beynon adds the company is likely to address customer acquisition and retention, timeline to profitability, and mergers and acquisitions opportunities at the March 9 investor day.<\/p>\n

Cementing Leadership Status<\/h2>\n

Online sports wagering and iGaming are fast-growing but fiercely competitive, industries. But some market observers say those segments are merely in their infancy, with DraftKings establishing<\/a> early leadership.<\/p>\n

\u201cWhile it will be a competitive market, we think online sports betting in the US is just getting started, and DraftKings is cementing its position as a clear leader, with multiple opportunities for upside to its guidance,\u201d <\/strong>writes Canaccord Genuity analyst Michael Graham.<\/strong><\/p>\n

Graham increases his DraftKings price estimate to $80 from $65.<\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings (NASDAQ:DKNG) stock is traversing new highs today amid a slew of bullish commentary from Wall Street analysts. Shares of the daily fantasy sports (DFS) provider and online sportsbook operator are higher by more than 10 percent in early trading. That’s after at least eight sell-side analysts lifted price forecasts on the name. The enthusiasm […]<\/p>\n","protected":false},"author":46,"featured_media":165802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings Stock Runs to Record Amid Spate of Bullish Price Revisions<\/title>\n<meta name=\"description\" content=\"DraftKings stock climbs to new highs as at least eight analysts lift price targets on the high-flying name.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Runs to Record Amid Spate of Bullish Price Revisions\" \/>\n<meta property=\"og:description\" content=\"DraftKings stock climbs to new highs as at least eight analysts lift price targets on the high-flying name.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-01T16:05:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-01T19:39:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/dkng.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"898\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/\",\"name\":\"DraftKings Stock Runs to Record Amid Spate of Bullish Price Revisions\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/dkng.jpg\",\"datePublished\":\"2021-03-01T16:05:22+00:00\",\"dateModified\":\"2021-03-01T19:39:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings stock climbs to new highs as at least eight analysts lift price targets on the high-flying name.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-runs-to-record-amid-spate-of-bullish-price-revisions\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/dkng.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/dkng.jpg\",\"width\":1200,\"height\":898,\"caption\":\"DraftKings highlighted at the Nasdaq market site. 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