JMP Maintains Bullish Ratings, Assigns Price Targets

After recent investor meetings and odds analyses, JMP/Citizens JMP reiterated Market Outperform ratings across gaming and media names and assigned a $54 target to DraftKings after noting DraftKings beat Q2 revenue ($1.51B) and EPS ($0.30) while maintaining 2025 guidance. JMP also maintained a Market Outperform and a $25 target on PENN, noting the stock has surged more than 100% over the past six months and that betting-exchange pricing (e.g., Kalshi) is less attractive once fees are included. The firm kept a Market Perform on Snap, citing positive marketer feedback, strong Sponsored Snaps performance, low CPMs, and Snap’s ability to deliver incremental reach versus Meta and Google. JMP reaffirmed a Market Outperform on Whitestone REIT with a $16 target after management meetings, highlighting 16 consecutive years of dividends, solid liquidity (current ratio 2.24x), consistent shopping-center same-property growth, and a clear de-leverage path. JMP’s NFL Week 3 analysis (30 data points across FanDuel, DraftKings and Kalshi) concluded betting exchanges are not an immediate profitability threat to incumbents, and strong Q2 results at Rush Street Interactive prompted upward price-target revisions and the appointment of a new CTO.