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Technology Stocks : DraftKings, Inc. / Online Gambling
DKNG 29.70+6.2%3:30 PM EST
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To: Glenn Petersen who wrote (35)5/14/2020 5:33:10 PM
From: sixty2nds2 Recommendations

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Glenn Petersen
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seekingalpha.com

DraftKings higher after Susquehanna boost
May 14, 2020 2:16 PM ET|About: DraftKings Inc. (DKNG)|By: Clark Schultz, SA News Editor

Susquehanna starts off coverage on DraftKings ( DKNG +3.0%) with a Positive rating and favorable view of the long-term potential for the sports betting provider.

Analyst Joseph Stauff notes DraftKings is the first pure-play online gambling platform with scale that is exclusively focused on the U.S. market, which is seen easily being worth $20B to $40B in 10 years.

As an existing market leader, DraftKings has notable competitive advantages with its 12M user database (36% are monetized), customer acquisition/retention engine and regulatory familiarity in 43 states, observes Stauff.

Stauff also reasons that sports betting has one of the best chances to snap back of all the activities that will return after the pandemic pause.

Susquehanna's price target of $33 assumes a 10X revenue multiple on the firm's 2022 net gaming revenue estimate of $1.05B. The firm's PT is well above the average sell-side PT of $24.25.

DraftKings is due to release earnings tomorrow morning.
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