DraftKings Inc. (DKNG) PT Raised to $50 at Benchmark

Benchmark analyst Mike Hickey raised the price target on DraftKings Inc. (NASDAQ: DKNG) to $50.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, “DraftKings in Talks to Acquire Railbird Exchange: DraftKings is reportedly in acquisition talks with Railbird Exchange, a federally licensed prediction market platform approved earlier this year by the CFTC. Railbird facilitates trading on real-world outcomes including sports, politics, and macro events, and is legally accessible in states like California and Texas where online sports betting (OSB) is still prohibited. We view this as a very positive development, especially after DraftKings withdrew its prior application for a federal license. Railbird’s license provides a high-margin, scalable entry point into underpenetrated states while avoiding state gaming and federal excise taxes. The product is expected to expand beyond moneyline-style wagers into spreads, props, and parlays, mirroring sportsbook mechanics but with more efficient pricing for users and structurally higher margins for operators.”

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