UPDATE: BTIG Starts Drive Shack, Inc. (DS) at Buy

(updating analyst name, PT, comment)

BTIG analyst Peter Saleh initiates coverage on Drive Shack, Inc. (NYSE: DS) with a Buy rating, PT $3.00.

The analyst comments "We are initiating coverage of Drive Shack shares with a Buy rating and $3 price target, as we believe the initial success the company is experiencing with its core Drive Shack units will provide management with the confidence to invest behind this concept. While we recognize the near-term concerns related to coronavirus for entertainment venues, we expect this health concern to be transitory. Additionally, we believe the development of a smaller urban box focusing on golf entertainment is differentiated and on-trend. While the company hasn’t yet built one of the smaller urban box concepts, we believe consumers are gravitating towards multi-purpose entertainment venues similar to what the company is developing. We are mindful of the potential impact from the coronavirus outbreak but expect this will eventually pass and believe shares have already discounted this."

For an analyst ratings summary and ratings history on Drive Shack, Inc. click here. For more ratings news on Drive Shack, Inc. click here.

Shares of Drive Shack, Inc. closed at $1.17 yesterday.

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