DraftKings, Inc. / Online Gambling Message Board

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Technology Stocks : DraftKings, Inc. / Online Gambling

DKNG 30.59

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9:30 AM EST

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Glenn Petersen

From: sixty2nds	9/25/2020 8:22:14 AM
	1 Recommendation of 282

seekingalpha.com DraftKings +3% after Argus upgrade, Pac-12 football return Sep. 25, 2020 7:33 AM ET\|About: DraftKings Inc. (DKNG)\|By: Clark Schultz, SA News Editor Argus starts off coverage on DraftKings (NASDAQ: DKNG) with a Buy rating. "The online gaming industry is in the early stages of growth, with only 3% of gross gaming revenue in the U.S. generated online, compared to 45% in more mature online gaming markets such as the U.K. As more states loosen restrictions, we expect DraftKings to benefit from its market leadership. Investors have recognized the company's potential, and the shares have outperformed since the company went public in April 2020. Technical patterns are positive as well," writes analyst John Eade. "Though we don't expect DraftKings to post a profit this year or next, we do look for profitability in 2022 and solid growth over the remainder of the decade as the company benefits from economies of scale. We view DKNG as appropriate only for risk-tolerant investors as part of a diversified portfolio," he adds. Argus assigns a price target of $65 to DKNG. The PT is derived by applying the peer average price/sales ratio of 44 to potential 2022 revenue of $1 billion, discounting back into 2020 dollars, and adjusting for the share count. The average Wall Street price target on DKNG has been drifting higher. Shares of DraftKings are up 3.08% premarket to $52.13. The return of Pac-12 football could be a factor in the little pop.

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