DraftKings price target raised to $45 from $39 at JPMorgan

JPMorgan raised the firm’s price target on DraftKings to $45 from $39 and keeps an Overweight rating on the shares. The analyst increased outer-year estimates to reflect DraftKings’ updated 2025-2026 EBITDA financial targets of $900M to $1B in 2025 and $1.4B in 2026 outlined at the investor day. The firm says these should reset consensus expectations higher at current legalization levels alone. It views DraftKings’ outlook as indicative of strong underlying momentum in existing states and a significantly improved product that is driving stronger customer acquisition, higher hold rates, and greater market share in newer states.