DraftKings Bull Sees Sports Betting Winner: '$35B Opportunity'
Portfolio Pulse from Chris Katje
DraftKings Inc (NASDAQ:DKNG) is seen as a potential winner in the sports betting sector by Needham analyst Bernie McTernan, who maintains a Buy rating on the company with a $44 price target. DraftKings ranked as the top sportsbook for a second straight week and fourth among sports-related apps in the iOS store. Competitors FanDuel (OTC:PDYPY) and BetMGM (NYSE:MGM) ranked fifth and 17th respectively in the iOS sports app rankings. McTernan sees DraftKings as a leader in the emerging North American online gambling market, a $35B opportunity.
September 18, 2023 | 4:05 pm
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NEGATIVE IMPACT
BetMGM, a joint venture from MGM Resorts International and Entain, ranked 17th on the iOS sports app rankings, dropping four places from the previous week.
The drop in app ranking for BetMGM could be seen as a negative indicator of its performance relative to competitors, potentially impacting investor sentiment and the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
FanDuel, a unit of Flutter Entertainment, ranked fifth in the latest iOS sports app rankings, moving down from fourth.
The drop in app ranking for FanDuel could be seen as a negative indicator of its performance relative to competitors, potentially impacting investor sentiment and the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
DraftKings is seen as a potential winner in the sports betting sector by Needham analyst Bernie McTernan, who maintains a Buy rating on the company with a $44 price target.
The positive outlook from the analyst, coupled with DraftKings' strong performance in app rankings, could boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100