As previously reported, Truist analyst Barry Jonas upgraded DraftKings to Buy from Hold with a price target of $44, up from $31. The analyst cites the company’s inflection to profitability in Q2 as the management navigated around numerous early threats, and the path to “significant and sustainable” profitability has become clearer, the analyst tells investors in a research note. DraftKings may be the “best top-line story in gaming today”, even though the sector has been constrained by macro concerns, the firm adds.
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