Jim Cramer and Wall Street Are Watching DraftKings Inc. (DKNG)

We recently published a list of 10 Stocks on Jim Cramer and Wall Street’s Radar. In this article, we are going to take a look at where DraftKings Inc. (NASDAQ:DKNG) stands against other stocks on Jim Cramer and Wall Street’s radar.

During the May 2 episode, Cramer mentioned DraftKings Inc. (NASDAQ:DKNG) and said:

“Will DraftKings make a comeback here? We like this company very much, but the stock does seem stalled, doesn’t it? Maybe it needs more states to legalize sports betting.”

DraftKings Inc. (NASDAQ:DKNG) is a digital gaming company that focuses on online sports betting, daily fantasy sports, online casino games, and a digital collectibles marketplace. Additionally, the company develops software for sports betting and iGaming across both online and retail platforms.

On May 30, Morgan Stanley analyst Stephen Grambling reduced the price target on DraftKings (NASDAQ:DKNG) from 53 to $51 while maintaining an Overweight rating. The firm slightly increased estimates for its Gaming & Lodging coverage due to stronger first-quarter results, expected guidance, and updated valuations based on higher multiples. The analyst noted that low valuations in the sector indicate the market remains cautious in the near term.

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Disclosure: None. This article is originally published at Insider Monkey.