DraftKings price target raised to $55 from $53 at BTIG

BTIG analyst Clark Lampen raised the firm’s price target on DraftKings to $55 from $53 and keeps a Buy rating on the shares after its Q1 earnings beat. The analyst cites “very bullish” qualitative takeaways from the company’s conference call as its CEO Jason Robins noted that marketing efficiency is on par with the early stages of the sportsbook launch, scale is driving natural promo leverage, engagement is improving, per cap spend is rising, and the industry still has substantial room for unit economic upside as it expands.