DraftKings Analysts Raise Their Forecasts Following Strong Q2 Earnings

DraftKings Inc DKNG reported second quarter financial results

DraftKings reported second-quarter revenue of $874.93 million, which was up 88% year-over-year. The revenue beat a Street consensus estimate of $759.55 million. The company reported adjusted earnings per share of 14 cents, which beat a Street consensus estimate of a loss of 25 cents per share.

DraftKings shares gained 5.8% to close at $31.74 on Friday and added 1.8% in today’s pre-market trading session.

These analysts made changes to their price targets on DraftKings following earnings announcement.

• Needham raised the price target on DraftKings from $36 to $44. Needham analyst Bernie McTernan maintained a Buy rating.
• Wells Fargo boosted the price target on DraftKings from $28 to $37. Wells Fargo analyst Daniel Politzer upgraded the stock from Equal-Weight to Overweight.
• Jefferies boosted DraftKings price target from $38 to $42. Jefferies analyst David Katz maintained a Buy rating on the stock.
• JMP Securities increased DraftKings price target from $33 to $39. JMP Securities analyst Jordan Bender maintained an Outperform rating.

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