Shares of (NASDAQ: DKNG) popped 14.2% this week, according to data provided by S&P Global Market Intelligence, as multiple analysts weighed in with positive notes following the online betting platform's launch in Vermont last week. The launch marked the 26th U.S. state in which DraftKings operates, in addition to Ontario, Canada.

In a note to clients Thursday, Stifel analyst Jeffrey Stantial upgraded shares of DraftKings to buy from hold, raising his firm's per-share price target on the stock to $45 from $40. The stock closed Friday's regular session at $37.62.

Stantial acknowledged increasing competition from sports betting app FanDuel, a subsidiary of international gambling company Flutter Entertainment, and Disney's recently launched ESPN Bet app. But he also argued that DraftKings' "near-term headwinds are fading, [...] enabling investor focus to shift back to the fundamental outlook where healthy same-state handle growth, structural hold-rate expansion, marketing/promo discipline, and fixed cost efficiencies pose upside" to the company's EBITDA guidance.

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Source Fool.com