Goldman Sachs Raises Penn National’s Stock Target by Almost $40 a Share

Fresh off mobile launches in Michigan and Virginia, gambling analysts on Tuesday gave another vote of confidence to publicly traded sports betting companies.

Goldman Sachs upgraded DraftKings to a buy with a $65 price target and reiterated Penn as a buy with a growing price target from $86 to $124 a share.

As of 12:30pm ET, DraftKings was up seven percent on the day to $54.90, while Penn was down 1.8 percent to $102.12.

The DraftKings upgrade was based on what the analysts said was a market leader position and “ability to participate in the economics of single operator states.” DraftKings, for example, runs sports betting in New Hampshire through its contract with the state lottery…