DraftKings shares have more than doubled so far this year, but UBS analyst Robin Farley thinks they can surge another 45%.
DraftKings Inc. shares have more than doubled so far this year, but UBS analyst Robin Farley thinks they can surge another 45%.
One catalyst for the company is the upcoming National Football League season, as Farley notes that DraftKings DKNG, +2.71% wasn’t operational last NFL season in Massachusetts and several other states where it now has a presence. “The point is that if $45 [million] in marketing on ESPN yielded less than 5% of new players for a market share player in the 30-40% range, then Penn’s $150 [million] marketing spend on ESPN wouldn’t necessarily get to market share out of the single-digit range,” she added.
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