DraftKings upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded DraftKings to Overweight from Neutral with a price target of $37, up from $26. The analyst recommends taking advantage of the 13% pullback in shares since late July. The firm continues to think gambling is an appealing sector, with attractive same-store and new market growth prospects, against the backdrop of an industry-wide improving operating expense control environment. DraftKings has a “strong moat” that should allow it to compete against new entrants like ESPNBet and Fanatics, much like it competed against Caesars, the analyst tells investors in a research note.