UPDATE: JPMorgan Starts DraftKings Inc. (DKNG) at Neutral
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JPMorgan Daniel Politzer initiates coverage on DraftKings Inc. (NASDAQ: DKNG) with a Neutral rating and a price target of $48.00.
The analyst comments "Our Neutral rating on DKNG reflects positives, including (1) its position as a leader in the fast growing US sports betting/iGaming industry, (2) proprietary survey work indicating that US sports bettors are fairly sticky (once acquired) and also that DKNG is the most commonly preferred OSB (online sports betting) platform, and (3) DKNG’s roots as a leader in daily fantasy sports has resulted in first-mover advantages with branding, a targeted user base, and a scalable technology/regulatory platform."
Shares of DraftKings Inc. closed at $49.25 yesterday.
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