Piper Sandler raised the firm’s price target on DraftKings to $50 from $40 and keeps an Overweight rating on the shares. Over the course of the Super Bowl weekend, the firm was able to gather various data points regarding the company’s exposure to various outcomes and props, with the results leaving it feeling mixed. However, broader industry trends remain quite favorable with the number of Americans expected to place a bet on the Super Bowl up 35% relative to last year. Finally, after the game, DraftKings and Barstool Sports announced an official partnership, which Piper views as a positive for engagement and retention. The firm expects to hear more from DraftKings on Super Bowl trends on its earnings call on Friday, February 16, before market open.
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