DKNG stock was trading at $12.94 as of 12:13 PM EDT.

On Monday, a number of analysts weighed in on DraftKings (NASDAQ:DKNG), and their opinions were mostly positive. CFRA Research has given DraftKings (NASDAQ:DKNG) a Buy rating because it thinks the company is a pioneer in mobile sports betting and mobile gaming, with best-in-class technology and customer service. After the sector consolidates, according to CFRA, DraftKings (DKNG) could hold up to 35% of the estimated $80 billion total addressable market for mobile sports betting and iGaming in North America.

“We expect positive trends to continue as more states pass laws to legalize sports betting and mobile gambling. “While enhancing margins and leveraging fixed expenses, DKNG will continue to grow sales by +25% yearly as it expands into additional states,” said Zachary Warring, an updated analyst.

CFRA likes the long-term value that DKNG offers to new investors, even though valuation is said to be an obvious worry for companies that aren’t making money in the current macro climate. This is because DKNG’s shares are trading at less than 4.0X the sales forecast for 2022. DKNG’s price estimate from CFRA is $20, or 3.8X the EV/sales multiple for 2022.

On Monday, Needham added its two cents regarding DraftKings (NASDAQ:DKNG). According to the company’s weekly report on NFL games, the results of the five biggest spreads on Sunday showed a typical hold for sportsbook operators. Four of the five biggest spreads were won outright. That carries on a string of successful holds for sports betting companies.

Developments Behind DKNG Stock Forecast

Needham also said that, in terms of downloads, FanDuel and DraftKings (NASDAQ:DKNG) were tied for first place among iOS sports apps. Needham currently has a Buy rating on DraftKings (NASDAQ:DKNG) with a $25 price target. “We think DKNG has a long-term customer acquisition plan that will support its first- or second-place status across all states.” With the move of the tech stack from Kambi to SBTech, the advantages of national marketing over local marketing, and the penetration of the terminal market, we anticipate margins to increase.” Bernie McTernan is an analyst.

In premarket trading on Monday, shares of DraftKings (NASDAQ:DKNG) increased 1.15% to $13.36 from a 52-week trading range of $9.77 to $50.48.

Draftkings Stock Is Expected To Rise Relative To Its Sports-Betting Competitors If The Agreement With ESPN Goes Through

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