Needham analyst Bernie McTernan has maintained their bullish stance on DKNG stock, giving a Buy rating on November 17.
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Bernie McTernan has given his Buy rating due to a combination of factors that highlight DraftKings’ promising future. The company is experiencing significant momentum in its core online sports betting and iGaming products, with management expressing optimism about the potential revenue from prediction markets. This new area is seen as an opportunity to leverage their existing marketing and technology infrastructure, potentially enhancing their core business.
Moreover, DraftKings is navigating the competitive landscape effectively, with a rational approach that has resulted in high customer retention rates. The management also anticipates reduced volatility in sports outcomes, particularly in the NBA and MLB, compared to the NFL. Additionally, the company is making positive strides in its NBA offerings, which positions it well for the upcoming ESPN partnership launch. These factors collectively contribute to the positive outlook and the Buy rating from Bernie McTernan.
In another report released on November 17, Benchmark Co. also maintained a Buy rating on the stock with a $37.00 price target.
Based on the recent corporate insider activity of 141 insiders, corporate insider sentiment is neutral on the stock.