DraftKings Is a Top Analyst Pick Ahead of NFL Draft. Here's Why
DraftKings is outperforming in 2024 and analysts think there is more upside for the stock. Here's what you need to know.


DraftKings (DKNG) is up more than 15% in 2024 through April 25, easily outperforming the S&P 500's roughly 6% gain. Analysts are overwhelmingly bullish on the sports betting stock ahead of the NFL draft, which kicks off tonight at 8 pm Eastern time.
Speaking for the bulls is Needham analyst Bernie McTernan, who added DraftKings to his Conviction List on March 27. The analyst maintained his Buy rating and raised his price target to $58 from $54, representing implied upside of about 43% to current levels.
"The market seems to be putting a greater emphasis on growth now, and we believe DKNG has the best growth outlook in our coverage over the next 24 months, especially factoring in valuation and estimated risk-reward," McTernan says. "We are bullish on the potential for near-term market access gains, per capita spending continues to ramp in existing states and DKNG [to] maintain its first or second place position in all states.”

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
That same day, UBS reiterated its Buy rating and $56 price target on DraftKings' stock, implying upside of about 37% from current levels.
More recently, Susquehanna Financial Group analyst Joseph Stauff called DraftKings a Buy in an April 16 note.
The bullish outlook of these three firms is widely shared across Wall Street. According to S&P Global Market Intelligence, the consensus analyst target price for DraftKings stock is $51.45, representing implied upside of about 26% to current levels. Meanwhile, the consensus recommendation is a Buy.
DraftKings will make an appearance on next week's earnings calendar, disclosing its first-quarter results after the May 2 close. According to Yahoo Finance, analysts, on average, are targeting revenue of $1.1 billion, an increase of 45.7% year-over-year. Its per-share loss is expected to narrow to 28 cents from 87 cents in the year-ago period.
How to watch the NFL draft
The NFL draft may not be an immediate catalyst for the consumer discretionary stock. However, the players chosen this weekend will likely stoke interest in online sports betting once the regular season kicks off in September.
Indeed, in Q4 2023, DraftKings saw revenue spike 68% year-over-year and monthly unique payers jump 37%.
For those interested in seeing which players get picked up this weekend, there are several ways to watch the draft, according to the NFL.
On your TV, you can view it on NFL Network, ABC, ESPN and ESPN Deportes.
If you're watching on a connected TV, smartphone, tablet or other smart device, you can stream it on the NFL Plus app, ABC app, ESPN app or the Streaming En Vivo app.
In international markets, the NFL draft is available on the NFL Game Pass through DAZN.
If you just want to listen, you can do so on SiriusXM, Westwood One Sports or ESPN Radio.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Are Tariffs and the ‘Pumpkin Spice Tax’ Coming for Your Fall Coffee Budget?
Food Taxes Inflation pressures, tariffs, and talk of the so-called 'pumpkin spice tax' have some wondering about rising coffee prices.
-
Can President Trump Fire Fed Governor Lisa Cook?
Markets hate uncertainty, especially when it comes to monetary policy and interest rates, and questions about the Fed are compounding.
-
Can President Trump Fire Fed Governor Lisa Cook?
Markets hate uncertainty, especially when it comes to monetary policy and interest rates, and questions about the Fed are compounding.
-
The 100 Minus Your Age Rule May Be the Easiest Asset Allocation Strategy, but Is It the Best?
The 100 Minus Your Age rule is a quick, back-of-the-envelope calculation that can help determine your appropriate allocation to stocks and bonds.
-
I'm a Wealth Adviser: If You're a DIY Investor, Don't Make These Five Mistakes
Even though you may feel confident because of easy access to investing information, you may be making mistakes that could compromise your long-term performance. Here's what you should know.
-
Building a Business That Lasts: The Critical Steps to Avoid Blunders
'Another Way' author David Whorton offers advice on how to build an 'evergreen' business that endures by avoiding common pitfalls that can lead to failure.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.
-
I'm a Financial Pro: Why You Shouldn't Put All Your Eggs in the Company Stock Basket
Limit exposure to your employer's stock, sell it periodically and maintain portfolio diversification to protect your wealth from unexpected events.
-
How Will the One Big Beautiful Bill Shape Your Legacy?
The One Big Beautiful Bill Act removes uncertainty over tax brackets and estate tax. Families should take time to review estate plans to take full advantage.
-
Nvidia Earnings: Live Updates and Commentary August 2025
Nvidia earnings are just one day away, and market participants are zeroed in on the AI bellwether's quarterly results.