DraftKings price target raised to $30 from $28 at Bernstein

Bernstein raised the firm’s price target on DraftKings (DKNG) to $30 from $28 and keeps an Outperform rating on the shares. What started with a Kalshi push into sports quickly metastasized into something larger, as the firm sees DraftKings’ predictions push driving $250M-$500M-plus of incremental marketing spend between this year and next. As Bernstein grows increasingly comfortable with 2026 guidance, however, it believes the imminent launch of a combined OSB and Predictions product can re-frame this cost as the natural consequence of opening DraftKings’ core service to the previously unreachable 40% of Americans in unregulated states.