UPDATE: Bernstein Starts DraftKings Inc. (DKNG) at Outperform

Bernstein analyst Vitaly Umansky initiates coverage on DraftKings Inc. (NASDAQ: DKNG) with a Outperform rating and a price target of $71.00.

The analyst comments "We initiate on DKNG with an OP rating (TP $71). DKNG, a pure-play market-leading US sports betting operator and a clear investment in the US sports betting growth story. Its daily fantasy sports player database creates lower customer cost of acquisition as well as incremental cross-selling opportunities into iGaming (where we still give limited value). DKNG trades largely on Daily Active Users, which we forecast to have 20% CAGR through 2030E."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $51.29 yesterday.

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