DraftKings Gets New $100 Price Target With Strong Market Share, Brand

Posted by Chris Katje

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Two of the best performing online sports betting stocks are sized up with new ratings from Loop Capital.

The Analyst: Loop Capital analyst Daniel Adam initiates coverage on DraftKings Inc with a Buy rating and $100 price target.

The analyst also initiated coverage on Penn National Gaming with a Hold rating and a $69 price target.

Total Addressable Market: Loop Capital lists the total addressable market for online sports betting and iGaming at $30 billion, which is higher than other analysts are projecting. Adam said analysts are viewing New Jersey as a mature market and basing the market size on the state, although he thinks New Jersey is far from mature.

Adam said the market size could be $34 billion to $40 billion based on 75% of the U.S. population having access to online sports betting….CLICK for complete article