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The analyst adds that given the combination of limited visibility on how long Pritzker will keep the in-person registration stipulation on hold, a condensed sports calendar and the imminent start of the NFL season means DraftKings will likely spend significantly on customer acquisition and marketing in Illinois over the near-term.<\/p>\n<\/div>\n
He believes those expenditures could pay dividends over the long-term, given the opportunity set available with gamblers in sports-crazed Chicago, the third-largest US city.<\/p>\n
Equity Action<\/h2>\n
Hickey has a $45 price target on DraftKings stock, implying an upside of 25 percent from Monday’s close. Earlier today, the name traded above $40, albeit briefly, for the first time since late June, and is on pace for its best intraday performance in two months.<\/p>\n
The consensus price forecast on the name is $45.70. Nine of the 11 analysts covering DraftKings have very bullish or bullish ratings on the stock, while two are \u201cneutral.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"DraftKings (NASDAQ:DKNG) stock is higher by more than nine percent in late trading. That’s as analysts are highlighting the benefits of Illinois Gov. J.B. Pritzker’s (D) recent decision to again temporarily eliminate in-person registration for online sports wagering accounts in the state. In July, the governor declined to renew an order that halted in-person registration, […]<\/p>\n","protected":false},"author":46,"featured_media":146111,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13592,1074],"tags":[],"acf":[],"yoast_head":"\n
DraftKings Stock Soars as Analysts See Bright Future in Illinois<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n