Benchmark analyst Mike Hickey reiterated a Buy rating and $29.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst commented, "New York online sports betting saw handle decline 10.0% YoY in Week 9, while revenue surged 68.0% YoY, driven by materially higher hold of 9.0%, up +420 bps versus 4.8% last year. DraftKings experienced significant volume pressure, with handle down 27.7% YoY, but revenue increased 442.1% YoY as hold expanded to 8.8%, up +760 bps versus 1.2% prior year, reflecting an extremely low comp. PENN saw handle down 5.1% YoY with revenue up 110.1% YoY as hold rose to 10.2%, up +560 bps versus 4.6% last year, indicating broad-based outcome strength across operators."

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 $25.15 yesterday.