DraftKings price target raised to $35 from $30 at Piper Sandler

Piper Sandler raised the firm’s price target on DraftKings to $35 from $30 and keeps an Overweight rating on the shares. Despite the uncertainty persisting for the vertical marketplaces, trends for the most part have been better than feared, the analyst tells investors in a research note. Consumer spending trends, digital advertising dynamics, the impact of artificial intelligence, and the pivot to profitability are key themes across the group in the back half of the year, the analyst tells investors in a research note. Piper’s top large cap idea continues to be Trade Desk (TTD) and its top mid-cap idea remains Match Group (MTCH) entering the second half of 2023. It also making Integral Ad Science (IAS) its top small cap idea.