Roth MKM’s Edward Engel reiterated his bearish view of DraftKings DKNG shares in a Tuesday report, writing that the company’s upcoming earnings could be hampered by promotional activity within the online sports-betting industry.
Roth MKM’s Edward Engel reiterated his bearish view of DraftKings DKNG shares in a Tuesday report, writing that the company’s upcoming earnings could be hampered by promotional activity within the online sports-betting industry. “Investors are bullish that [Draftkings’ Major League Baseball] offering is boosting summer market share; however, increased promo intensity could limit upside to a [second-quarter] beat,” he wrote in his note to clients.Engel also worries that consensus expectations for next year are too aggressive, as promotional trends could limit the upside that the company gets from expansion in net and gross gaming revenue.
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