UPDATE: Needham & Company Starts DraftKings Inc. (DKNG) at Buy, Added to Conviction List

April 26, 2021 4:16 PM EDT
Get Alerts DKNG Hot Sheet
Price: $49.00 +1.96%

Rating Summary:
    21 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 73
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(Updated - April 26, 2021 4:19 PM EDT)

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."

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 $58.12 yesterday.

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