UBS analyst Robin Farley reiterated a Buy rating and a $48.00 price target on DraftKings Inc. (NASDAQ: DKNG).

Farley noted that DraftKings handle growth was down 2% year-over-year, compared to a 5% decline the prior week, while gross gaming revenue hold rate fell 240 basis points year-over-year to 9.2% from 11.6%, though it rose 240 basis points from the previous week's 6.8%.

The analyst said that while New York state online sportsbook revenues indicate low hold in the first three weeks of the NFL season, New York hold is not considered indicative of DraftKings' overall hold performance. DraftKings GGR growth was down 22% year-over-year, driven by the 240 basis point decline in hold rate and a 2% decline in handle.

DraftKings GGR market share declined 890 basis points year-over-year to 37.3% from 46.2%, but rose 40 basis points from 36.9% the prior week.

Shares of DraftKings closed at $18.59.