Mizuho initiated coverage of DraftKings with a Buy rating and $58 price target. DraftKings is the “leading online sports betting and iGaming company in North America” with a 30%-plus market share, notes the firm, which believes the Street “underestimates the magnitude of the operating leverage in the business.” Given declining external marketing and reduced promotional expense, DraftKings is “turning into a compelling” free cash flow generator, the analyst added.
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