DraftKings Stock Gains 3% Following JPMorgan Upgrade
<p><a href='https://financialmodelingprep.com/financial-summary/DKNG'>DraftKings (NASDAQ:DKNG)</a> shares saw more than 3% increase intra-day today after an upgrade by JPMorgan.</p>
<p>The bank upgraded the company from Neutral to Overweight and raised the price target from $26 to $37, suggesting a potential 35% upside from the previous day's closing price.</p>
<p>The upgrade comes in response to DraftKings' underperformance since July, with a 13% decline compared to a 6% drop in the S&P 500. The analysts are optimistic about the sports betting industry's growth potential, both in existing markets and new markets, amid a trend toward better cost control.</p>
<p>The analysts believe DraftKings has a strong competitive position, including a robust product, scale, and brand, that will enable it to compete effectively against new entrants like ESPNBet and Fanatics.</p>

NASDAQ:DKNG