Bernstein Lowers Price Target for DraftKings (DKNG)
Key Analyst Update
Bernstein analyst Ian Moore reiterated an Outperform rating for DraftKings (DKNG) but lowered the price target from $55.00 to $50.00, marking a 9.09% decrease in expected stock value. Despite this adjustment, the Outperform rating signals ongoing confidence in DraftKings' market potential.
Market Outlook and Investor Guidance
DraftKings continues to earn favorable assessments from multiple analysts, balancing optimism with revised market forecasts. Investors are advised to closely watch these developments for their potential effects on stock performance.
Company Background and Operations
- Founded in 2012 as a pioneer in daily fantasy sports.
- Expanded into online sports and casino gambling following a 2018 Supreme Court ruling permitting states to legalize online sports wagering.
- Holds a top-three revenue share position in states where it operates.
- Currently active with online or retail sports betting in 28 states and i-gaming in 5 states.
- Products are accessible to about 40% of Canada’s population.
Revenue Breakdown (2024)
- Sports betting: 61% of total sales.
- I-gaming: 32% of total sales.
- Fantasy and lottery: 7% of total sales.
Additional Ventures
The company also operates a commission-based marketplace for non-fungible tokens and develops and licenses online gaming products.
Bernstein analyst Ian Moore: “Despite the lowered price target, our Outperform rating underscores confidence in DraftKings’ growth prospects.”
Author's summary: Bernstein adjusts DraftKings’ price target down by 9%, maintaining an Outperform rating due to confidence in its diverse online betting and gaming growth across multiple states and Canada.
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