DraftKings price target raised to $53 from $51 at BTIG

BTIG raised the firm’s price target on DraftKings (DKNG) to $53 from $51 and keeps a Buy rating on the shares after its “healthy” results and guidance. The firm sees room for further upward revision over the balance of the year from structural hold improvements and promo leverage, noting that its sportsbook estimates still embed “fairly modest” assumptions for further parlay mix shift and promo leverage, the analyst tells investors in a research note.