{"id":211609,"date":"2022-05-02T08:55:33","date_gmt":"2022-05-02T15:55:33","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=211609"},"modified":"2022-05-02T11:09:27","modified_gmt":"2022-05-02T18:09:27","slug":"draftkings-stock-rallies-on-supportive-morgan-stanley-comments","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/","title":{"rendered":"DraftKings Stock Rises on Bullish Morgan Stanley Comments"},"content":{"rendered":"

DraftKings (NASDAQ:DKNG) stock is getting a much-needed lift after Morgan Stanley issued constructive comments on the battered online sportsbook operator.<\/p>\n

\"DraftKings
Morgan Stanley analyst Thomas Allen in a 2016 CNBC<\/em> interview. The bank is bullish on DraftKings stock. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

DraftKings is higher by more than 5% in midday trading, though that\u2019s barely enough to dent an almost 76% decline over the past year. Hindered by lack of profitability<\/a> and a market environment that doesn\u2019t take kindly to such stocks, DraftKings hasn\u2019t closed above its 200-day moving average since last September.<\/p>\n

Still, Morgan Stanley is positive about the gaming company, citing the familiar catalyst of total addressable market growth.<\/p>\n

We forecast legal US sports betting & iGaming to increase from <$1.5 billion in 2019 to $21 billion in 2025 as more states legalize and spend per capita rises,\u201d<\/strong> said Morgan Stanley equity strategist Michelle Weaver \u00a0in a report to clients.<\/p><\/blockquote>\n

DraftKings stock is one of 45 on the bank\u2019s high conviction North American equities list.<\/p>\n

Morgan Stanley, a DraftKings Supporter<\/h2>\n

Sheer price action confirms it\u2019s been difficult to be bullish on DraftKings in recent months. But Morgan Stanley is in that camp.<\/p>\n

\n

In March, analyst Thomas Allen reiterated an \u201coverweight\u201d rating<\/a> on the stock, with a $31 price target. That\u2019s more than double where the shares currently reside. While acknowledging DraftKings is dealing with near-term losses, the analyst argues investors are being shortsighted and that companies making the transition to profitable from money-losing can deliver significant upside. Allen believes DraftKings can join that group.<\/p>\n<\/div>\n

The analyst adds that while the US iGaming and online sports betting markets will eventually be \u201cvery large,\u201d there will be a small number of market share winners, and DraftKings will be one of those operators.<\/p>\n

DraftKings joins Amazon (NASDAQ:AMZN), Chipotle (NYSE:CMG), Ferrari (NYSE:RACE), and Ross Stores (NASDAQ:ROST) as the consumer discretionary names on the Morgan Stanley high conviction list.<\/p>\n

The Boston-based sportsbook giant is the only gaming name in the group.<\/strong><\/p>\n

Waiting on DraftKings Earnings<\/h2>\n

The daily fantasy sports (DFS) behemoth reports first-quarter results before the open of US markets on Friday, May 6. Analysts are expecting a loss of $1.24 per share. Over the past month, there\u2019s been upward revision and two cuts to that estimate by analysts following DraftKings stock, according to Zacks Investment Research.<\/p>\n

Investors will likely pay close attention to any update to the 2022 guidance the company offers on Friday. In February, the operator forecast 2022<\/a> sales of $1.85 billion to $2 billion on earnings before interest, taxes, depreciation and amortization (EBITDA) loss of $825 million to $925 million.<\/p>\n

That outlook doesn\u2019t account for the company\u2019s still-pending launch in Ontario, Canada. Nor does it factor in sports betting going live in Maryland.<\/strong><\/p>\n

Investors will also likely want an update on the acquisition of Tilman Fertitta\u2019s Golden Nugget Online Gaming (NASDAQ:GNOG). Since that deal was announced last August, shares of both the suitor and target plunged. But Fertitta said it remains on track to close<\/a>\u00a0and that he\u2019s committed to being a long-term DraftKings shareholder.<\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings (NASDAQ:DKNG) stock is getting a much-needed lift after Morgan Stanley issued constructive comments on the battered online sportsbook operator. DraftKings is higher by more than 5% in midday trading, though that\u2019s barely enough to dent an almost 76% decline over the past year. Hindered by lack of profitability and a market environment that doesn\u2019t […]<\/p>\n","protected":false},"author":46,"featured_media":211610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings Stock Rallies On Supportive Morgan Stanley Comments<\/title>\n<meta name=\"description\" content=\"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Rallies On Supportive Morgan Stanley Comments\" \/>\n<meta property=\"og:description\" content=\"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-02T15:55:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-02T18:09:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/\",\"name\":\"DraftKings Stock Rallies On Supportive Morgan Stanley Comments\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg\",\"datePublished\":\"2022-05-02T15:55:33+00:00\",\"dateModified\":\"2022-05-02T18:09:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Morgan Stanley analyst Thomas Allen in a 2016 CNBC interview. The bank is bullish on DraftKings stock. (Image: CNBC)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"DraftKings Stock Rises on Bullish Morgan Stanley Comments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DraftKings Stock Rallies On Supportive Morgan Stanley Comments","description":"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/","og_locale":"en_US","og_type":"article","og_title":"DraftKings Stock Rallies On Supportive Morgan Stanley Comments","og_description":"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.","og_url":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-05-02T15:55:33+00:00","article_modified_time":"2022-05-02T18:09:27+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/","url":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/","name":"DraftKings Stock Rallies On Supportive Morgan Stanley Comments","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg","datePublished":"2022-05-02T15:55:33+00:00","dateModified":"2022-05-02T18:09:27+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"DraftKings stock gets a boost thanks to bullish comments from Morgan Stanley.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/TA.jpg","width":1920,"height":1080,"caption":"Morgan Stanley analyst Thomas Allen in a 2016 CNBC interview. The bank is bullish on DraftKings stock. (Image: CNBC)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/draftkings-stock-rallies-on-supportive-morgan-stanley-comments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"DraftKings Stock Rises on Bullish Morgan Stanley Comments"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/211609"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=211609"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/211609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/211610"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=211609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=211609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=211609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}