Wells Fargo initiated coverage of DraftKings (DKNG) with an Overweight rating and $73 price target.
The firm’s favorable view reflects DraftKings’ position as a leading platform in internet gaming, which the firm views as the most attractive growth vertical in gaming. The firm sees potential upside to the company’s current 17% iGaming share as it integrates GNOG and targets casino-first customers. The firm says DraftKings is “well positioned to win.”