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Morgan Stanley says that DraftKings has 30% upside and has made the popular sports betting firm a top pick.
In its assessment, Morgan Stanley said that Draftkings is well-positioned to capitalize on the growth of legalized sports wagering in the US and Canada. Draftkings stock jumped 18% on the news.
Specifically, Morgan Stanley said “we believe at the current price ($19 per share), one should not ignore that DKNG is a leading market share player in what will be a very large profitable market.”
Joel Baglole of Investor Place observes that the sports betting stock looks attractive coming off a 52-week low, but investors shouldn't be fooled. Up to this point he notes that the DKNG stock has been a bad bet.
Regardless of the reasons behind the plunge, Draftkings stock has fallen so low that many analysts now see a great entry point, especially as more U.S. states legalize sports betting. Wall Street professionals who were urging investors to sell the stock last fall are now upgrading their ratings to “buy.”
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- Aaron Goldstein, Gambling911.com
