DraftKings price target raised to $50 from $45 at Benchmark

Benchmark raised the firm’s price target on DraftKings (DKNG) to $50 from $45 and keeps a Buy rating on the shares. DraftKings is said to be in talks to buy Railbird Exchange, a federally licensed prediction market platform approved by the CFTC, which Benchmark views as a very positive development, particularly after DraftKings withdrew its prior application for a federal license. Railbird’s license provides a high-margin, scalable entry point into underpenetrated states while avoiding state gaming and federal excise taxes, the analyst tells investors in a research note.