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Why DraftKings Stock Is Surging Today

TheMotleyFool

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Shares of fantasy sports and sports betting company DraftKings (NASDAQ: DKNG) soared 5.3% higher at noon, EST. The surge was inspired by a bullish analyst note, complete with a buy rating and an optimistic price target.

Analyst Daniel Adam from Loop Capital started coverage of DraftKings on Tuesday with a buy rating and a price target of $100 per share. The stock closed Monday's trading at $42.73 per share, so Adam expects share prices to more than double over the next year or so. He pegs the revenue opportunity for the online sports betting and casino gambling industry at roughly $30 billion per year, far ahead of the analyst consensus, which stops at $20 billion a year.

Image source: Getty Images.

Source Fool.com

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