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
