Barclays upgraded DraftKings shares to Overweight with a $50 price target, citing growth potential in the U.S. digital gaming market.

Barclays upgraded DraftKings shares from Equal Weight to Overweight, with analyst Brandt Montour raising the price target to $50 from $41. Montour believes the U.S. digital gaming market still has growth potential and considers DraftKings' iGaming position underappreciated. Despite increased competition, DraftKings' Q4 2023 revenues increased by 44% to $1.23 billion, with projections of $4.65-$4.90 billion for fiscal 2024, representing a 27-34% year-over-year growth.

February 22, 2024
6 Articles