Jefferies hosted DraftKings (DKNG)’ CFO for investor conferences to debate New Jersey’s proposed tax hike, in-play betting developments, Jackpocket and its position throughout the tech stack, iGaming alternatives and DraftKings’ money conversion developments and utilization of free money movement, telling buyers that the agency got here away “assured in our stance” after the occasion. Whereas New Jersey Governor Phil Murphy’s proposed 25% tax fee on on-line sports activities betting and iGaming is “a close to time period setback,” the agency’s impression is that DraftKings expects a negotiation earlier than the last word fee is modified, the analyst tells buyers. The agency, which argues that growth alternatives within the U.S. outweigh tax threats, retains a Purchase ranking and $63 price target on DraftKings shares.
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