Why DraftKings Stock Surged Today

Joe Tenebruso, The Motley Fool
Why DraftKings Stock Surged Today

Shares of DraftKings (NASDAQ: DKNG) climbed 11.7% on Monday after several analysts hiked their targets for the online gambling leader's stock price. For one, Goldman Sachs analyst Stephen Grambling repeated his buy rating on DraftKings' shares and lifted his price forecast from $71 to $73. Following its impressive fourth-quarter performance -- DraftKings' revenue soared 146% year over year to $322 million -- Grambling raised his projections for the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).