DKNG Stock: $70 Target By Cowen

By Amit Chowdhry ● May 3, 2021
  • The shares of DraftKings Inc (NASDAQ: DKNG) have received a $70 price target by Cowen. These are the details.

The shares of DraftKings Inc (NASDAQ: DKNG) have received a $70 price target by Cowen. And Cowen analyst Stephen Glagola upgraded the DraftKings shares from “Market Perform” to “Outperform.”

Glagola noted that the primary driver for the DraftKings shares remains the pace of state legalization and that path is robust for the second half of 2021 and 2022. And Glagola pointed out that there is greater confidence that DraftKings will sustain more than 25% over online sports better market share in the U.S. at the maturity.

The pullback in the company shares also provides a more compelling risk/reward, according to Glagola. And Glagola believes that even though investors have viewed the New York online sports betting plan unfavorably, the low-skin and potentially high-tax model is going to drive increasing barriers to entry — which results in greater market concentration.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.