Argus Upgrades DraftKings Inc. (DKNG) to Buy

Argus analyst John Eade upgraded DraftKings Inc. (NASDAQ: DKNG) from Hold to Buy with a price target of $22.00.

The analyst comments "We are upgrading DraftKings Inc. (NGS: DKNG) to BUY from HOLD and setting a price target of $22. As additional states legalize online sports betting and consumers allocate more of their income to wagers, we expect DKNGs’ revenue to increase to $3.1 billion in 2023 from $323 million in 2019. Tailwinds include market share gains, greater customer retention, and earnings growth in existing markets.
Given DraftKings’ falling customer acquisition costs and ability to grow at 20% or higher over the next several years, we are confident in its long-term growth prospects."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $19.19 yesterday.

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