What's Going On With DraftKings Stock?

DraftKings Inc DKNG shares are trading higher Tuesday on the back of continued positive analyst coverage.

What To Know: JPMorgan analyst Joseph Greff upgraded DraftKings from a Neutral rating to an Overweight rating on Tuesday and raised the price target from $26 to $37.

The upgrade comes a day after Needham analyst Bernie McTernan reiterated DraftKings with a Buy rating and a $44 price target and JMP Securities analyst Jordan Bender reiterated a Market Outperform and price target of $39.

Needham believes DraftKings is the clear leader in the online gambling market and noted that competitors are ramping up promotions in an effort to keep up with DraftKings. 

After analyzing NFL betting data a few weeks into the season, JMP Securities said it's seeing strong trends for DraftKings. The analyst firm raised its third-quarter revenue estimates based on the early sports betting momentum. 

Check This Out: DraftKings To Rally Around 35%? Here Are 10 Other Analyst Forecasts For Tuesday

DKNG Price Action: DraftKings shares were up 3.6% at $28.35 at the time of writing, per Benzinga Pro.

Photo: courtesy of DraftKings.