DraftKings price target raised to $51 from $50 at Stifel

Stifel raised the firm’s price target on DraftKings to $51 from $50 and keeps a Buy rating on the shares, stating that the firm was surprised to see shares trade off on Friday following the company’s Q1 report. The firm continues to see “a constructive setup into the remainder of 2024” as underlying fundamentals remain healthy with runway left, Jackpocket cross-sell should prove a material uplift, and DraftKings’ capital allocation update at Q2 earnings may include an initial return of capital, the analyst tells investors.