(NASDAQ: DKNG) stock doubled in value over the last 12 months but may still offer upside, according to analyst Barry Jonas at Truist. Jonas was one of several analysts that raised their price targets recently and now sees the stock reaching $55 in the near term. This would represent 35% upside from its closing price on Thursday.

The stock fell after DraftKings reported fourth-quarter financial results last week. But improving profitability and continued revenue growth could make the dip a buying opportunity.

DraftKings is going after a sizable market opportunity for online sports betting, and its latest results showed it is also gaining share of a growing market. Revenue grew 44% year over year, despite the company taking a hit from an unfavorable stretch of betting outcomes in the quarter.

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Source Fool.com