Yet another analyst has boosted his price target on shares of DraftKings Inc. DKNG, which have enjoyed a meteoric rise this year, up nearly 175% over the course of 2023 to date. Jefferies analyst David Katz became the latest to lift his target, raising it to $38 from $35, with the new target implying about 22% upside from current levels. DraftKings shares are up about 2% in Monday morning action. The company “continues to solidify its leadership role in the U.S.,” Katz wrote. The “data points and catalysts should remain positive, which mitigates valuation arguments for the time being, and the positive momentum should continue,” he added. Katz noted that his estimates “are toward the higher end of a widely dispersed” consensus view, as he’s “increasingly comfortable” with his view that DraftKings is building momentum in online sports betting, with markets that can lead to growth. Analysts at BTIG and JMP Securities boosted their price targets on the stock late last week, while a BofA Securities analyst upgraded it.
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