Jefferies reiterated a Buy rating and $51 price target on DraftKings (DKNG). With the purchase of Railbird and the creation of DraftKings Predictions, the company is taking a wholly owned dapproach to prediction markets, compared to Flutter’s (FLUT) joint venture with CME Group (CME), the analyst tells investors in a research note. The firm believes an offering in predictions is necessary for entry into OSB-illegal states, with limited upfront capital spend due to the limited economics, all of which should be a positive for the stock.
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