DraftKings price target raised to $40 from $35 at Craig-Hallum

Craig-Hallum analyst Ryan Sigdahl raised the firm’s price target on DraftKings to $40 from $35 and keeps a Buy rating on the shares. The company “didn’t disappoint” despite high expectations going into the Q2 report, the analyst tells investors in a research note. The firm thinks the momentum in the shares can continue. DraftKings is taking market share at an accelerated rate and flowing more of that through to the bottom line with an added focus on cost efficiencies, says Craig-Hallum. It still believes DraftKings will be one of the few long-term winners in the sector and “highly profitable” in the long term.