Roth Capital Upgrades DraftKings to Buy Ahead of NFL Season By Investing.com

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Roth Capital Upgrades DraftKings to Buy Ahead of NFL Season

Published Aug 17, 2022 13:30

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Roth Capital Upgrades DraftKings to Buy Ahead of NFL Season

DKNG

-3.31%

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CZR

-3.18%

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PENN

-2.57%

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By Michael Elkins

Roth Capital Partners decided to upgrade American sports betting company, DraftKings Inc. (NASDAQ:DKNG) to Buy and increased the price target by $7 to $25 ahead of the 2022 NFL season.

A Roth analyst sees ownership of the stock ahead of the season as “a tactical opportunity.” While histories are short, OSB/iGaming stocks have seasonally outperformed between midsummer and the start of NFL season as investors buy into a revenue ramp.

The analyst also believes investors are buying into the narrative of OSB profitability, after 2Q commentary from FanDuel/PENN/CZR. During 2Q results, FanDuel, Caesars (NASDAQ:CZR) and Penn (NASDAQ:PENN) each demonstrated accelerated paths to profitability, with FanDuel generating $22M segment EBITDA in 2Q, Caesars Interactive approaching break-even in July and Penn Interactive expecting profitability in 4Q22.

For DKNG, 2022 guidance implies 2H22 revenue +82% YoY vs 1H22's +45%. Meanwhile, unfavorable hold rates in 2H21 offer easier comps and could help accelerate growth further.

DKNG was down nearly 1.5% in mid-day trading Wednesday.

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Roth Capital Upgrades DraftKings to Buy Ahead of NFL Season

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