UPDATE: Bernstein Starts DraftKings Inc. (DKNG) at Outperform
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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."
Shares of DraftKings Inc. closed at $51.29 yesterday.
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Related EntitiesSanford C. Bernstein, Definitive Agreement
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