Oversold around $56, DraftKings (DKNG) could be ready to pop.
Helping, analysts at Cowen just upgraded the stock to an outperform rating from market perform with a $70 price target. They note the pullback provides a “more compelling risk/reward” with the pace of state legalization of sports betting.
DKNG also saw an upgrade to a buy rating over at Guggenheim, which said, “We believe DraftKings is well positioned to capture a significant share of the rapidly growing North American Online Sports Betting (OSB) and iGaming markets,” as quoted by Investing.com.
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