DraftKings price target raised to $60 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on DraftKings (DKNG) to $60 from $48 and keeps an Overweight rating on the shares. The firm notes that unfavorable sports outcomes once again led to headwinds in the fourth quarter, but core trends remain favorable in its eyes. Management slightly raised its full-year 2025 revenue outlook and reiterated its EBITDA guidance. However, the company noted the year is already off to a strong start, with January coming in ahead of expectations and early February trends also showing positive momentum. Piper remains impressed that the company can continue to grow at such a high rate even as it reaches scale.