Analyst Lance Vitanza of TD Cowen maintained a Buy rating on DraftKings, retaining the price target of $53.00.
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Lance Vitanza has given his Buy rating due to a combination of factors that suggest DraftKings is well-positioned for future growth. Despite potential threats from federally-sanctioned exchanges, Vitanza believes that these do not pose a significant disruption to DraftKings at present. He anticipates that regulatory clarity will eventually bolster DraftKings’ leadership in the market.
Moreover, Vitanza has updated his revenue estimates for the third quarter, reflecting strong performance in July and August, while awaiting further data for September. The early trends in NFL engagement have been promising, indicating robust user participation, which supports the positive outlook for DraftKings’ stock.
In another report released yesterday, Jefferies also reiterated a Buy rating on the stock with a $54.00 price target.