Needham Reaffirms Their Buy Rating on DraftKings (DKNG)

In a report released today, Bernie McTernan from Needham maintained a Buy rating on DraftKings (DKNGResearch Report), with a price target of $20.00. The company’s shares closed last Friday at $15.49.

According to TipRanks, McTernan is an analyst with an average return of -17.8% and a 32.10% success rate. McTernan covers the Services sector, focusing on stocks such as DraftKings, Penn National Gaming, and Airbnb.

Currently, the analyst consensus on DraftKings is a Moderate Buy with an average price target of $20.62, a 33.12% upside from current levels. In a report released today, JMP Securities also maintained a Buy rating on the stock with a $23.00 price target.

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Based on DraftKings’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $501.94 million and a GAAP net loss of $450.49 million. In comparison, last year the company earned a revenue of $212.82 million and had a GAAP net loss of $545.03 million

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Diamond Eagle Acquisition Corp. operates as a blank check company that intent for a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company was founded on March 27, 2019 and is headquartered in Los Angeles, CA.

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