UPDATE: JMP Securities Starts DraftKings Inc. (DKNG) at Market Outperform, 'we see DKNG growing revenue at a 19% CAGR through 2030'

(Updated - June 28, 2022 4:24 AM EDT)

JMP Securities analyst Jordan Bender initiates coverage on DraftKings Inc. (NASDAQ: DKNG) with a Market Outperform rating and a price target of $25.00.

The analyst comments "DraftKings is a high-growth, vertically integrated, gaming technology company with a top-three market share in the U.S. High investment in its daily fantasy sports (DFS) product in the years leading up to PASPA positioned the company to successfully cross-sell its database into online sports betting (OSB). Management has proven its ability to gain market access in legal states, with industry-leading U.S. population exposure. As a result, we see DKNG growing revenue at a 19% CAGR through 2030. While we are in early innings of the online gaming sector, we think DKNG can maintain top share in NA online gaming, driven through cross-sell and its superior technology capabilities in SBTech, leading to profitable growth."

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 $13.60 yesterday.

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