Following Penn Entertainment’s (PENN) announcement of its termination of the partnership with ESPNBet (DIS), Jefferies analyst David Katz notes that ESPN immediately signed a new agreement with DraftKings (DKNG), which the firm views as a positive for the latter given that the deal could add incremental volume based on ESPN’s funnel and DraftKings’ back-end product offering. The firm has a Buy rating and $51 price target on DraftKings shares, which are up $1.49, or 5% to $29.41 in pre-market trading.
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