DKNG - DraftKings Stock Has 24% Upside According to 1 Wall Street Analyst
2024-03-27 10:48:02 ET
Share prices of DraftKings (NASDAQ: DKNG) have been hitting new highs in 2024 and improving earnings results in the near term point to more new highs, at least according to analysts at Mizuho Securities.
Mizuho initiated coverage of the stock with a "buy" rating and a $58 price target , representing a 24% upside over the next 12 months or so from the stock's current price. Here's why the firm is bullish on the shares.
Mizuho likes the company's commanding lead with over 30% share of the North American online sports betting market . Importantly, this lead allows DraftKings to win new customers without having to increase marketing expenses along with revenue. Marketing is turning out to be a valuable lever to control operating expenses, which should lead to higher profits this year.
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DraftKings Stock Has 24% Upside, According to 1 Wall Street Analyst