The bank upgraded the stock to overweight from neutral.
A recent bout of underperformance has created an entry point into DraftKings , according to JPMorgan. Analyst Joseph Greff upgraded the sports betting stock to overweight from neutral and raised his price target by $11 to $37. His new price target implies an upside of 35.2% from Monday's close. "We are taking advantage of sluggish share price performance since late July," Greff said in a note to clients Tuesday.
That marks a notable turn after ending 2021 and 2022 down about 41% and 58.5%, respectively. Greff said the company's operating expense environment should improve in part due to the fact that a shrinking share of revenue comes from new markets. That's because these newer spaces can require the company to pay significant new user acquisition costs and offer up-front investment to get them off the ground. He also said the company's product, scale and brand create a moat.
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