Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets

03. DraftKings Inc. (NASDAQ:DKNG)

Upside Potential: 22%

On March 28, MoffettNathanson adjusted its outlook on DraftKings Inc. (NASDAQ:DKNG), a prominent player in the sports betting and online gaming industry. They increased the price target for DraftKings Inc. (NASDAQ:DKNG) from $52.00 to $55.00 while reiterating a buy rating on the stock. This upward revision suggests a substantial 22% upside potential compared to the stock’s current market price of $44.99 as of April 1. DraftKings Inc. (NASDAQ:DKNG) operates within the broader sports betting and online gaming sector, which has experienced rapid growth and expansion in recent years, fueled by increasing legalization and acceptance of online gambling across various jurisdictions. MoffettNathanson’s decision to raise the price target and maintain a buy rating underscores their positive outlook on DraftKings Inc. (NASDAQ:DKNG) future growth prospects and overall performance within the sports betting industry. MoffettNathanson’s bullish stance on DraftKings Inc. (NASDAQ:DKNG) reflects their confidence in the company’s ability to capitalize on the expanding sports betting market and drive sustained growth over the long term. The upward adjustment in the price target signifies their optimistic outlook for DraftKings Inc. (NASDAQ:DKNG) prospects, making it an attractive investment opportunity for investors seeking exposure to the sports betting and online gaming industry.

Baron Discovery Fund stated the following regarding DraftKings Inc. (NASDAQ;DKNG) in its fourth quarter 2023 investor letter:

“We added to our position in DraftKings Inc. (NASDAQ;DKNG), the leading mobile sportsbook and gaming operator in the U.S. While we lowered our estimates for the fourth quarter due to lower hold in the month of November, it is important to keep in mind that while hold can be volatile from quarter to quarter, the company continues to slowly increase hold over time (primarily because of a higher percentage of the handle being in higher hold “parlay” bets). We continue to be attracted to DraftKing’s dominant market share and the scale advantages that come with this.”