Fiserv earnings missed by $0.61, revenue fell short of estimates
Investing.com - Benchmark maintained its Buy rating and $53.00 price target on DraftKings Inc. (NASDAQ:DKNG), the $21 billion market cap sports betting giant, following the company’s strong performance in New York during Week 3 of the NFL season. According to InvestingPro data, analysts’ targets range from $39.50 to $69.00, with the stock currently trading near $42.32.
DraftKings demonstrated notable growth in New York, with hold increasing 21% year-over-year according to state data analyzed by Benchmark.
The company’s gross gaming revenue (GGR) in New York grew 29% compared to the same period last year, while its hold rate improved to 10.2% from 9.6% a year ago.
DraftKings’ performance exceeded the broader New York market, where overall handle increased by 15.8% year-over-year.
The total New York market saw GGR growth of 30.7% with an improved hold rate of 10.2%, up from 9.1% during the same period last year.
In other recent news, DraftKings Inc. announced a multi-year advertising agreement with NBCUniversal, providing the company with exclusive integrations and digital sponsorships across NBCUniversal’s sports properties. This deal includes coverage of major sports events such as the NFL, NBA, PGA TOUR, Premier League, and more. Meanwhile, UBS has lowered its price target for DraftKings to $56 from $58, while maintaining a Buy rating, citing a $200 million impact from tax increases. JMP Securities has reiterated its Market Outperform rating on Flutter Entertainment, which includes an analysis of DraftKings’ betting odds. Additionally, DraftKings faced scrutiny in a report by The Bear Cave, which highlighted competition from prediction market platforms like Kalshi. Despite this, Citizens JMP analyst Jordan Bender reiterated a Market Outperform rating for DraftKings with a price target of $54. These developments reflect a mix of strategic partnerships and market challenges for DraftKings.
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