Could DraftKings Have a 67% Upside?
Although shares of fantasy sports and online sportsbook company DraftKings (NASDAQ: DKNG) are sliding lower so far in Monday trading, at least one major Wall Street analyst thinks the company's prospects look bright. According to Needham analyst Brad Erickson, DraftKings is well positioned to benefit from online sports betting's continued spread into additional American states.
Needham gave DraftKings a price target of $70 Monday, representing a 67% upside compared to its current share price of approximately $42. The firm also gives DraftKings a buy rating. Erickson explained the growth of sports betting legalization across the United States is "a rising tide for the industry" and said DraftKings specifically "has clear first-mover, brand and capital advantages" relative to its competitors.
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Source Fool.com
