DraftKings (DKNG)

Jan 27, 2021Trade Ideas

There could be far more upside for DraftKings (DKNG).

Analysts at Bernstein just gave the stock a $71 price target. All thanks to its belief digital sports betting in the U.S. will be a $25 billion market by 2025. By 2030, it could be worth up to $30 billion. Better, they believe 85% of the U.S. could have access to legal sportsbooks by 2030.

Better, Loop Capital Markets initiated coverage on the stock with a price target of $100. As reported by Barron’s, the firm “raised its outlook for 2020 revenue. Its forecast for revenue in 2021, at between $750 million and $850 million, also represents huge expectations for growth.”

If the DKNG stock can break above triple top resistance, it could see a near-term test of $64.19 – last seen at the start of October 2020.

We can buy the DKNG stock at market, and, or buy to open the DKNG May 21, 2021 60 calls. If you want to hedge, you can also buy to open the DKNG May 21, 2021 55 puts.

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