DraftKings price target raised to $50 from $42 at BMO Capital

BMO Capital raised the firm’s price target on DraftKings (DKNG) to $50 from $42 and keeps an Outperform rating on the shares. The company’s total addressable market is expected to grow at a 15% 5-year CAGR while its adjusted EBITDA margins should reach over 30% over the long term, the analyst tells investors in a research note. At 10-times expected forward EBITDA, the firm sees the stock’s valuation as “attractive”, BMO added.