DraftKings deal with Churchill an attractive opportunity, says JMP Securities

JMP Securities analyst Jordan Bender maintains an Outperform rating and $23 price target on shares of DraftKings (DKNG) after the company and Churchill Downs (CHDN) agreed to a partnership with Churchill’s TwinSpires on the technology for DraftKings to build a horse-racing app. Bender sees this as an attractive opportunity for DraftKings to cross-sell from sports betting/iGaming into horse racing, and vice versa, the analyst tells investors in a research note, adding that DraftKings will gain another tool to compete with FanDuel (PDYPY) in the U.S.