DraftKings upgraded to Buy from Hold at Argus

Argus upgraded DraftKings to Buy from Hold with a $22 price target. The firm expects DraftKings’ revenue to increase to $3.1B in 2023 from $323M in 2019 as more states legalize online sports betting and consumers allocate more of their income to wagers, the analyst tells investors in a research note. Argus is confident in DraftKings’ long-term growth prospects given its declining customer acquisition costs and ability to grow at 20% or higher over the next several years.