Home IPO DraftKings Draws Overweight Rating From Morgan Stanley

DraftKings Draws Overweight Rating From Morgan Stanley

by TradingETFs.com

Shares of DraftKings (DKNG) fell Thursday even after Morgan Stanley initiated coverage on the sports gambling stock with an overweight rating and a $23 price target.

DraftKings went public last Friday in a reverse merger with blank-check company Diamond Eagle, with Diamond Eagle’s stock becoming DraftKings’ stock.

DraftKings sponsors daily fantasy sports contests. Morgan Stanley analyst Thomas Allen wrote in a report that the company was “almost a pure play” on the early innings of legalized sports gambling in the U.S.

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