{"id":201430,"date":"2022-02-14T09:04:25","date_gmt":"2022-02-14T17:04:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=201430"},"modified":"2022-02-14T11:53:28","modified_gmt":"2022-02-14T19:53:28","slug":"draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/","title":{"rendered":"DraftKings, Rush Street Interactive Price Targets Slashed by Oppenheimer"},"content":{"rendered":"

A day after the Super Bowl, gaming equities are mixed and some sports betting stocks are dithering following the conclusion of football season.<\/p>\n

\"DraftKings
A scene from DraftKings’ Super Bowl commercial. An analyst lowered price targets on that stock and Rush Street Interactive today. (Image: XDigital News<\/em>)<\/figcaption><\/figure>\n

That includes DraftKings (NASDAQ:DKNG) and Rush Street Interactive (NYSE:RSI), which are trading lower to start the week after a sell-side analyst trimmed his price forecasts on the online sportsbook operators.<\/p>\n

\n

In a note to clients today, Oppenheimer analyst Jed Kelly dramatically reduced his price targets on DraftKings and RSI, while keeping \u201coutperforming\u201d on both stocks. In the case of DraftKings, Kelly cut his price outlook in half to $35 from $70, while he ratcheted down his forecast on RSI to $14 from $25.<\/p>\n<\/div>\n

In the case of RSI, Kelly’s new price target implies upside of almost 34 percent from the Feb. 11 close, while his new forecast on DraftKings represents a 50 percent upside from last Friday’s close.<\/p>\n

Kelly Joins Other Analysts in Lowering DraftKings Target<\/h2>\n

DraftKings stock was volatile<\/a> entering Super Bowl weekend, and the company could provide some update on how it performed during the most wagered-on US sporting event when it reports fourth-quarter results this Friday.<\/p>\n

It’s possible the gaming company issues bullish commentary on the Super Bowl, which is part of its first quarter results, for multiple reasons. First, a record $7.6 billion<\/a> was forecast to be wagered on the big game. Second, this was the first Super Bowl during which more than half of US adults had access to regulated sports wagering.<\/p>\n

\n

Additionally, the result of the game was likely a boon for sportsbook operators. The favorite Los Angeles Rams won but didn’t cover the spread, and the total went under. Some sportsbooks said the bulk of the action they took on the game was on the Rams to cover, the Cincinnati Bengals to win outright, and for the total to go over.<\/p>\n<\/div>\n

Still, Oppenheimer’s Kelly joins a cadre of his colleagues<\/a> in paring price targets on DraftKings. As recently as last November, the average analyst price estimate on the stock was in the mid-$60s. Today, it’s close to $51.<\/p>\n

On the bright side, the analyst sees DraftKings’ 2022 as surprising to the upside, thanks to more states allowing sports wagering and the company’s non-fungible token (NFT) business, while noting online sports betting is still in its early innings.<\/strong><\/p>\n

Encouraging Commentary on RSI<\/h2>\n

While shares of RSI are down 34.55 percent year-to-date, Kelly did offer up some positive views on the gaming company.<\/p>\n

The analyst noted that if Illinois approves iGaming, RSI could benefit in a significant fashion due to the operator’s superior brand recognition in that market, comparing that potential scenario to BetMGM’s internet casino dominance in Michigan.<\/p>\n

He adds that RSI remains a possible takeover target, but he declined to mention specific would-be suitors.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A day after the Super Bowl, gaming equities are mixed and some sports betting stocks are dithering following the conclusion of football season. That includes DraftKings (NASDAQ:DKNG) and Rush Street Interactive (NYSE:RSI), which are trading lower to start the week after a sell-side analyst trimmed his price forecasts on the online sportsbook operators. In a […]<\/p>\n","protected":false},"author":46,"featured_media":201432,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings, Rush Street Interactive Price Targets Cut By Oppenheimer<\/title>\n<meta name=\"description\" content=\"DraftKings, Rush Street Interactive price targets significantly reduced by Oppenheimer analyst Jed Kelly.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings, Rush Street Interactive Price Targets Cut By Oppenheimer\" \/>\n<meta property=\"og:description\" content=\"DraftKings, Rush Street Interactive price targets significantly reduced by Oppenheimer analyst Jed Kelly.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-14T17:04:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-14T19:53:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/DKNG2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/\",\"name\":\"DraftKings, Rush Street Interactive Price Targets Cut By Oppenheimer\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/DKNG2.jpg\",\"datePublished\":\"2022-02-14T17:04:25+00:00\",\"dateModified\":\"2022-02-14T19:53:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings, Rush Street Interactive price targets significantly reduced by Oppenheimer analyst Jed Kelly.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-rush-street-interactive-price-targets-cut-by-oppenheimer\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/DKNG2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/DKNG2.jpg\",\"width\":1200,\"height\":675,\"caption\":\"A scene from DraftKings' Super Bowl commercial. 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