DraftKings price target raised to $55 from $44 at Oppenheimer

Oppenheimer analyst Jed Kelly raised the firm’s price target on DraftKings to $55 from $44 and keeps an Outperform rating on the shares. The firm is expecting a positive tone around structural holds, competitive dynamics and incremental margins when the company reports this week. Shares are outperforming the S&P 18% year-to-date, suggesting higher expectations among shorter-term investors for a 2024 guidance raise. Oppenheimer would take advantage of any potential pullbacks related to guidance semantics on solid profitability fundamentals.