BUZZ-Draftkings rises after BMO hikes price target

Reuters

3 hours ago

BUZZ-Draftkings rises after BMO hikes price target

** Shares of digital sports gaming company Draftkings DKNG.O rise 3% to $24.56 after BMO Capital Markets analysts hiked their price target

** DKNG is on track for its biggest daily percentage gain and highest close since mid-February

** "DKNG announced plans to integrate its products (Sportsbook, iGaming, Predictions, etc.) into one 'Super App', which should help accelerate cross-sell and lower (customer acquisition cost)," said BMO analyst Brian Pitz in an investor note

** Analyst also said that prediction markets could be a $10 billion gross revenue opportunity over time and come with 60%-80% gross margins vs ~50% gross margins in Sportsbook

** Among 38 analysts covering DKNG, avg rating is "BUY" and median PT is $35, per LSEG data

** DKNG is down 28.1% YTD vs NASDAQ Composite Index's .IXIC 2.9% decrease

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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