This sports betting stock could rally up to 40%: Piper Sandler
DraftKings Inc (NASDAQ: DKNG) has been a pain for its shareholders this year. Piper Sandler analyst says it will be a different story for those who buy it here.
DraftKings stock has upside to $21.
DraftKings is expected to benefit from more states legalising sports betting. The company expects to contract its adjusted EBITDA loss to about $525 million in 2023. Piper Sandler believes the stock could rally up to 40%.
Piper Sandler believes current levels represent an attractive long-term entry point.
DraftKings is going to launch its online sportsbook in Maryland on Wednesday. The company has been aggressively investing in social media and rewards to boost engagement and retention. DraftKings stock is down 45% year-to-date.
DraftKings is one of the top three operators across majority of states. Piper Sandler believes it will continue to be a share gainer over time.
