UPDATE: Needham & Company Starts DraftKings Inc. (DKNG) at Buy, Added to Conviction List
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Needham & Company analyst Bernie McTernan initiates coverage on DraftKings Inc. (NASDAQ: DKNG) with a Buy rating and a price target of $81.00.
The analyst comments "We initiate coverage of DKNG with a Buy rating and an $81 price target and are adding to the Needham Conviction List. We see DKNG as a leader in the emerging North America online gambling market, a $35B market opportunity. Despite mixed results in NY, we see the currently regulatory environment as supportive, which should lead to a significant growth in legislation, a key reason our '22 and '23 estimates are above consensus. We see a 3:1 risk reward in our bull case vs bear case targets and importantly envision a higher probability of our bull case playing out vs our bear case."
Shares of DraftKings Inc. closed at $58.12 yesterday.
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