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DraftKings Inc. (DKNG)

NasdaqGS - NasdaqGS Real-time price. Currency in USD
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41.28+0.44 (+1.08%)
At close: 04:00PM EST
41.10 -0.18 (-0.44%)
After hours: 08:00PM EST
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    DraftKings upgraded to Overweight: Analyst explains why

    DraftKings (DKNG) received an upgrade from Barclays to Overweight from Equal Weight. The firm also raised its price target of the stock to $50 per share from $41. Barclays Director and Equity Research Analyst Brandt Montour, who issued the upgrade, joins Yahoo Finance to discuss the reasons behind his call and what it could mean for the company moving forward. When asked about the company's recent acquisition of the lottery app Jackpot, Montour says: "We think about that business as a very rich customer acquisition pool. These are customers that obviously play the lottery, right? And I think there's going to be a very good overlap between people that play the lottery and people that are willing to sports bet or try internet casino on their phones. We talked about parlays, which is basically sports bets that become kind of like a lottery ticket, like picking five or six or seven different outcomes of a game, or two games or three games, that you have to hit all of them correctly to get a very large payout. It's like a long-odds option or like a lottery ticket. I think there's going to be a lot of overlap there." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

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