DraftKings Gets Price Target Bumps From Analysts After Strong Q1 Results

DraftKings Inc DKNG reported better-than-expected Q1 results and raised its FY23 revenue guidance.

DraftKings reported first-quarter revenue of $770 million, which was up 84% year-over-year. The revenue total beat a Street estimate of $704.13 million. The company reported a loss of 87 cents per share in the first quarter, which beat a Street consensus estimate of a loss of 88 cents per share.

DraftKings announced it is raising its full year revenue guidance after the first quarter results. The company sees revenue in a range of $3.135 billion to $3.235 billion, which is up from previously guided $2.85 billion to $3.05 billion.

DraftKings shares jumped 15.3% to close at $24.58 on Friday and added 0.3% in today’s pre-market trading session.

These analysts made changes to their price targets on DraftKings after the company released quarterly results.

• Deutsche Bank raised the price target on DraftKings from $15 to $22. Deutsche Bank analyst Carlo Santarelli maintained a Hold rating on the stock.
• Barclays increased DraftKings price target from $23 to $24. Everco Barclays analyst Brandt Montour maintained an Equal-Weight rating on the stock.
• TD Cowen boosted DraftKings price target from $27 to $30. TD Cowen analyst Stephen Glagola maintained the stock with an Outperform.
• Canaccord Genuity raised DraftKings price target from $30 to $34. Canaccord Genuity analyst Michael Graham maintained a Buy rating on the stock.
• Wells Fargo increased the price target on DraftKings from $22 to $24. Wells Fargo analyst Daniel Politzer maintained the stock with an Equal-Weight.
• JMP Securities boosted DraftKings price target from $26 to $29. JMP Securities analyst Jordan Bender maintained the stock with a Market Outperform.

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