Analyst Joseph Greff upgraded the sports betting stock to overweight from neutral and raised his price target by $11 to $37.
His new price target implies an upside of 35.2% from Monday's close.
"We are taking advantage of sluggish share price performance since late July," Greff said in a note to clients Tuesday.
The stock has fallen about 13% since July, while the S & P 500 pulled back by about 6%.
Notably, Greff said to expect a sports betting market size of $23.2 billion in the U.S. and Ontario by 2030. iGaming's market size over the same timeline and locations should near $13.5 billion in 2030.
Persons:
underperformance, Joseph Greff, Greff, — CNBC's Michael Bloom
Organizations:
JPMorgan, Penn Entertainment, Caesars
Locations:
DraftKings, Monday's, U.S, Ontario