{"id":44596,"date":"2023-08-04T18:15:13","date_gmt":"2023-08-04T22:15:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/draftkings-hits-it-out-of-the-park-with-strong-q2-results-is-primed-for-growth-analysts-say\/"},"modified":"2023-08-04T18:15:15","modified_gmt":"2023-08-04T22:15:15","slug":"draftkings-hits-it-out-of-the-park-with-strong-q2-results-is-primed-for-growth-analysts-say","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44596","title":{"rendered":"DraftKings \u2018hits it out of the park\u2019 with strong Q2 results, is primed for growth, analysts say"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002365195\" role=\"document\">\n<p>DraftKings Inc.\u2019s strong second-quarter performance leaves the sports-betting platform\u00a0well-positioned for more growth, say analysts.<\/p>\n<p>Shares of DraftKings<br \/>\n        DKNG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213120645\/composite\" class=\"positive\">+5.84%<\/bg-quote><br \/>\n       climbed 7.7% Friday, boosted by the company\u2019s surprise second-quarter profit and more upbeat full-year sales forecast.<\/p>\n<div class=\"paywall\">\n<p>The company hit it \u201cout of the park,\u201d according to Benchmark analyst Mike Hickey. \u201cDraftKings hits a grand slam with their Q2 2023 performance, firmly cementing their place as a front-runner in the digital sports entertainment and gaming industry,\u201d he wrote in a note released Friday. \u201cIn light of this robust performance and optimistic future forecast, we believe DKNG is primed for ongoing growth.\u201d<\/p>\n<p><strong>Related: <\/strong>DraftKings stock rallies on surprise profit, more upbeat full-year sales forecast, as new sports-betting customers roll in<\/p>\n<p>Hickey highlighted DraftKings\u2019 massive 88% year-over-year revenue growth, which delivered revenue of just under $875 million, easily surpassing Wall Street\u2019s forecast of $765 million. \u201cThis impressive performance was largely attributed to the superior product and customer experience that led to higher retention and engagement, particularly with the MLB, and a boost in new customers (+39% YoY),\u201d he wrote. Set against this backdrop, Benchmark raised its DraftKings price target to $37 from $32 and reiterated its buy rating for the sports-betting company.<\/p>\n<p>In a note released late Thursday Stifel analyst Jeffrey Stantial said that DraftKings\u2019 \u201chot streak\u201d is continuing, likely driving the company\u2019s shares higher Friday. However, Stifel kept its hold rating for Draft Kings. \u201cWhile recent product-driven upside drivers appear likely to continue into 2H23 given product enhancements planned for NFL season &amp; the ongoing Golden Nugget platform migration, we continue with our Hold rating for now, reflecting a more cautious view on valuation &amp; potential long-term market share deconsolidation,\u201d Stantial wrote in the note.<\/p>\n<p>CFRA raised its DraftKings price target to $35 from $28 Friday. \u201cDKNG expects to launch its sportsbook in Kentucky this fall,\u201d wrote CFRA equity analyst Zachary Warring, in a note. \u201cThe company continues to be a leader in mobile gaming and is executing well to achieve profitability.\u201d<\/p>\n<p><strong>Related:<\/strong> DraftKings is powering toward a big milestone \u2014 but a budding threat looms <\/p>\n<p>However, CFRA maintained its hold rating for DraftKings. \u201cWe believe shares are fairly valued and see little to drive shares higher in the near term,\u201d wrote Warring. <\/p>\n<p>Of 33 analysts surveyed by FactSet, 19 set a buy rating, 12 set a hold rating and two set a sell rating for DraftKings.<\/p>\n<p>DraftKings\u2019 stock has risen 184.2% in 2023, outpacing the S&amp;P 500 index\u2019s<br \/>\n        SPX<br \/>\n       gain of 17.6%.<\/p>\n<p><em>Bill Peters contributed to this article.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/draftkings-hits-it-out-of-the-park-with-strong-q2-results-is-primed-for-growth-analysts-say-fe3d3f35?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DraftKings Inc.\u2019s strong second-quarter performance leaves the sports-betting platform\u00a0well-positioned for more growth, say analysts. Shares of DraftKings DKNG, +5.84% climbed 7.7% Friday, boosted by the company\u2019s surprise second-quarter profit and more upbeat full-year sales forecast. The company hit it \u201cout of the park,\u201d according to Benchmark analyst Mike Hickey. \u201cDraftKings hits a grand slam with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-44596","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DraftKings \u2018hits it out of the park\u2019 with strong Q2 results, is primed for growth, analysts say | iFintechWorld<\/title>\n<meta name=\"description\" content=\"DraftKings Inc.\u2019s strong second-quarter performance leaves the sports-betting platform\u00a0well-positioned for more growth, say analysts. 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