Goldman Sachs Upgrades DraftKings Inc. (DKNG) to Buy, 'Industry leader with assets to deepen competitive moat at scale'
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(Updated - January 26, 2021 1:07 AM EST)
Goldman Sachs analyst Stephen Grambling upgraded DraftKings Inc. (NASDAQ: DKNG) from Neutral to Buy with a price target of $65.00 (from $45.00).
The analyst comments "We upgrade DKNG to Buy as we expect ongoing sales beats versus consensus driven by 1) sustained market leading position in new and existing markets, 2) ability to participate in the economics of single operator states, and 3) presence of national partnerships that should allow them to accelerate growth and achieve scale sooner than the broader peer group. We continue to see DKNG (along with PENN) as having the greatest optionality to drive a network effect which we expect to be accompanied by an upward valuation re-rating."
Shares of DraftKings Inc. closed at $51.29 yesterday.
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