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Technology Stocks : DraftKings, Inc. / Online Gambling
DKNG 27.97+0.2%Nov 6 3:59 PM EST
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To: Glenn Petersen who wrote (66)6/11/2020 3:45:40 PM
From: sixty2nds1 Recommendation

Recommended By
Glenn Petersen

   of 282
 
seekingalpha.com

Long-term value seen on DraftKings
Jun. 11, 2020 9:31 AM ET|About: DraftKings Inc. (DKNG)|By: Clark Schultz, SA News Editor

Oppenheimer is the latest firm to jump on DraftKings (NASDAQ: DKNG) before sports fire back up in the U.S.

The firm starts off coverage with an Outperform rating and 12-month to 18-month price target of $48 keeping with the "very bullish" vibe on Wall Street.

Oppenheimer's take: "As more states legalize sports gambling, we believe competencies in product development and customer acquisition that DKNG utilized to become the DFS market leader (over 60% share) will allow the company to be a critical player in accelerating the shift in US sports betting from ~$150B wagered illegally/ offshore to licensed domestic operators. Legalized sports betting and iGaming markets are in their very early stages of growth, and we see an $18B revenue opportunity at scale, that also benefits from a sophisticated in-game wagering market. While a premium valuation and high cash flow burn likely create above-average volatility near term, we emphasize the long-term nature of our rating."

DKNG -0.77% premarket to $39.11
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