UPDATE: JMP Securities Starts DraftKings Inc. (DKNG) at Market Outperform, 'we see DKNG growing revenue at a 19% CAGR through 2030'
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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."
Shares of DraftKings Inc. closed at $13.60 yesterday.
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