Much of the bull thesis for DraftKings revolves around more states, primarily those with mid-sized to large populations, embracing sports wagering<\/strong>.<\/p>\nPricey, But Worth It<\/h2>\n
Graham reiterated a \u201cbuy\u201d rating and a $50 price target on DraftKings. That forecast is 18x the company’s expected 2022 revenue, which the analyst acknowledges is rich, but credible.<\/p>\n
\u201cWe recognize this is a forward-looking, premium valuation,\u201d he said. \u201cHowever, we find it warranted, given the size of the opportunity, DKNG’s sound competitive position, limited options for investors looking for exposure to US online sports betting, and early signs that our estimates are likely to prove conservative.\u201d<\/strong><\/p>\nGraham’s price estimate on DraftKings implies upside of more than 35 percent from current levels.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a note to clients today, Canaccord Genuity analyst Michael Graham lifted his second-quarter revenue estimate on DraftKings (NASDAQ:DKNG). He cited better-than-expected stability during the coronavirus economic shutdown and the company’s recent capital raise. Last week, the daily fantasy sports (DFS) firm and sportsbook operator forecast turnover of $70 million to $75 million for the […]<\/p>\n","protected":false},"author":46,"featured_media":139665,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\n
DraftKings Analyst Michael Graham Raises Revenue Estimates<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n