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Technology Stocks : DraftKings, Inc. / Online Gambling
DKNG 28.16+0.9%1:55 PM EST
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From: Julius Wong9/15/2020 1:06:56 PM
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DraftKings sized up by analysts after blockbuster ESPN deal


Benchmark Company pushes up its price target on DraftKings ( DKNG +0.3%) to $57 from $45. "DKNG announced a new deal with ESPN to be the co-exclusive sportsbook link-out provider, prior brand building deals included Michael Jordan and the Chicago Cubs; all of which are elevating the DKNG brand and further legitimizing sports betting, in our view. We believe the virus influence will provide a significant boost to player engagement in F3Q20, as evidence by New Jersey August OSB performance and the unprecedented professional sports play in Sept. Further growth should be realized from new states expected to go live in coming months," says analyst Mike Hickey.

Oppenheimer hikes its price target to $55 after holding a virtual bull/bear event on legalized sports betting. "The key takeaways are that DKNG and FLTR's Fanduel are benefiting from significant built-in advantages (CAC/Brand/ Tech/Capital) that are difficult for legacy casinos to compete with. However, millennial sports fans' strong affinity toward Barstool Sports, likely creates formidable competitor through its combination with PENN," reports analyst Jed Kelly.

Wolf Research is a bit more cautious, initiating coverage with a Peer Perform rating. "DKNG seems likely to be a market share leader in a nascent U.S. industry that has a long tail of secular growth, but valuation is not attractive to us given the ramp timeline and risks," updates the firm.

Analysts have only recently nudged down their consensus view on DraftKings.

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