Draftkings (DKNG) Stock Extends Fall: Berenberg Upgrades To Hold

Draftkings Inc (NASDAQ:DKNG) stock continues to trade lower despite analyst at Berenberg upgraded the stock to Hold, stating risks to market share declines priced in.

Draftkings (DKNG) Stock Extends Fall: Berenberg Upgrades To Hold

Analyst Jack Cummings added, “Since we initiated on DraftKings in January, its shares have fallen c16% with our fair value estimate per share now offering minimal downside to the current share price.”

“While our thesis is yet to play out and we remain concerned about the integration and tech migration that is due to complete in September, at the current share price we think much of the risk to market share declines is priced in. As a result, we upgrade to Hold and increase our price target to USD42.50, reflecting the better-than-expected Q1 results.”

Related:  Grande West Transportation Group (BUSXF) Hits Multi-Year High On Solid Volume

DKNG stock is now down 4.45% at $42.05. The stock has lost almost 30% in the past 2 weeks.

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.