Keep an eye on DraftKings (DKNG).

This morning, analysts at Truist upgraded the DKNG stock, noting it has a clear path to profitability. Wells Fargo also upgraded the stock to overweight, with a price target of $37 a share, noting, ““We learned a lot last week: DKNG is capturing share, capitalizing on an improved product, and limiting opex growth […] EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. momentum to continue.”

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Even better, the company’s second quarter was impressive. In fact, it was the first quarter where DKNG turned a profit.  Instead of posting a 14-cent loss as expected by the Street, it turned in a profit of 14 cents. 


Ian Cooper