Bernstein Remains Bullish on DraftKings (DKNG) Amid Strong Expansion Prospects
DraftKings Inc. (NASDAQ:DKNG) earns a place on our list of 13 stocks with consistent growth to buy right now.
Courtesy of Draftkings
As Wall Street emphasizes the company’s expansion strategy and long-term market opportunities, the company retains bullish analyst sentiment.
Bernstein maintained its “Outperform” rating on DraftKings and increased its price target from $28 to $30 on March 5, 2026. The investment firm emphasized Kalshi’s push into sports predictions, which has expanded more quickly than expected, posing competition risks. The firm also highlighted DraftKings’ marketing spend plan of $250-$500 million, which it views as strategic rather than extravagant. Furthermore, the firm argues that the company will potentially expand its addressable customer base by gaining access to roughly 40% of Americans living in unregulated betting states, thanks to a future combined online sportsbook and Predictions product.
Two days prior, BMO Capital Markets reiterated its “Outperform” rating while raising its price target for the stock from $42 to $50. The company projects long-term adjusted EBITDA margins above 30% and anticipates DraftKings’ total addressable market to grow at a five-year CAGR of 15%. It contends that the stock is still reasonably priced at about 10x forward EBITDA.
DraftKings, Inc. (NASDAQ:DKNG) is a digital sports entertainment and gaming firm that provides media products, retail sportsbooks, iGaming, daily fantasy sports, online sports betting, and blockchain-based digital collectibles via DraftKings Marketplace.
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