FMP
DraftKings Review by Berenberg Bank
Dec 3, 2021 1:52 PM - Davit Kirakosyan
Image credit: FMP
DraftKings Inc. (NASDAQ:DKNG) shares decreased around 30% since the company’s Q3 results reported last month. Analysts at Berenberg Bank believe that much of this pressure is justified. While the analysts maintain their view that the company possesses many of the core components needed to succeed in the US market, they remain concerned that the company will experience potential market share losses from current levels now that it is fully migrated onto the SBTech platform.
The analysts believe that the company’s 2022 revenue guidance of $1.7-1.9 billion is ambitious given their cautiousness over the quality of the SBTech platform. The analysts think the company will have to increase its marketing spend materially to reach this guidance.
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