Craig-Hallum analyst Ryan Sigdahl initiated coverage of DraftKings with a Buy rating and $25 price target. The analyst notes that DraftKings is leveraging its 60% market share in daily fantasy sports to be an early leader in the legal sports betting market in the U.S., and sees a long runway for 30%-plus revenue CAGR and a scalable online platform driving a highly profitable business model over time. As the only vertically integrated pure-play on online sports betting in the U.S., Sigdahl thinks it is a great way to invest in the massive proliferation of legal sports betting. The Fly notes that Diamond Eagle Acquisition entered into a business combination agreement with DraftKings in December, with the former intending to change its name to DraftKings, reincorporate in Nevada and remain Nasdaq-listed under a new ticker symbol.