DraftKings price target raised to $47 from $38 at BTIG

BTIG analyst Clark Lampen raised the firm’s price target on DraftKings to $47 from $38 and keeps a Buy rating on the shares. The firm came away from last week’s investor day event with a greater appreciation for how and where it could prove conservative, the analyst tells investors in a research note. The multitude of conservative assumptions, particularly for key drivers like hold, share, and promo, leave BTIG comfortable there’s sufficient flexibility for the company to continue outperforming Street expectations.