Piper Sandler ‘impressed’ with new financial targets from DraftKings

Piper Sandler reiterates an Overweight rating on DraftKings with a $40 price target following the investor day. The analyst walked away “impressed” with the company’s new financial targets. DraftKings’ market remains “very healthy” and it has a long runway for further market and revenue expansion, the analyst tells investors in a research note. Piper believes the industry tailwinds remain intact, with opportunity for further expansion as new states launch.