According to the WiseMoney APP, Stifel has listed DraftKings (DKNG.US) as its top stock pick as the second-quarter earnings season kicks off and the second half of the year approaches.

Recently, DraftKings has fallen due to the impact of increased taxes in Illinois and the adjustment of EBITDA by Wall Street, but analyst Jeff Stantial believes that the stock will rebound.

Looking ahead to the remaining time in 2024, the timetable for legislative council/budget discussions suggests that there may be limited incremental catalysts before 2025 - we believe this will shift investors' focus to DraftKings' free cash flow changes.

Stantial and his team believe that healthy core growth drivers will lead to upside, helping to reset expectations, and emphasizing that the upcoming capital allocation updates are another positive factor. Stifel has set a target price for DraftKings of $50.