Loop Capital analyst Daniel Adam reiterated a Buy rating and $105.00 price target on DraftKings Inc. (NASDAQ: DKNG) noting that the company has recently overtaken FanDuel as the top U.S. sportsbook app according to the latest rankings on Apple’s App Store.

The analyst stated "Recent market share gains are further supported by the latest monthly revenue/handle data reported by various state gaming commissions, and our analysis suggests another “beat and raise” quarter for our top pick. Implied upside to our Street-high $105 PT for DKNG is nearly 80% vs. last close."

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Shares of DraftKings Inc. closed at $60.42 yesterday.