We recently published a list of Top 10 Beaten Down Large Cap Stocks That Can Double According To Wall Street. In this article, we are going to take a look at where DraftKings Inc. (NASDAQ:DKNG) stands against other top beaten down large cap stocks that can double according to Wall Street.

There was a point in the early days of Donald Trump’s presidency when the stock market looked set for a bull run. Bit by bit, the market digested geopolitical issues, trade wars, and recession fears. It looked like these were temporary concerns only.

We’re now less than two months into the presidential term and every consensus trade seems to be unravelling in front of our eyes. Investors are panicking and the state of the US economy looks fragile, with recession knocking on the door.

Investors operating in capital markets do not have the luxury of getting out of the market. No matter how the market behaves, they will still be here hunting for opportunities. That’s exactly what we do as well. As the market tanks, we decided to look at beaten down stocks that could comfortably outpace the market if bought after the current sell off.

To come up with our list of 10 beaten down large cap stocks that can double according to Wall Street, we considered stocks that have a market cap of at least $10 billion, have been hammered in the past week, and have a Wall Street price target that could see the stock double from current levels.

A woman at a betting table paying out customers who won their sports bets.

DraftKings Inc. (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNG) is an entertainment and gaming company, though it is widely known for its association with online sports betting and fantasy sports offerings. The company’s stock is down 10% and the correction is a good opportunity to ride the next wave of sports betting.

DraftKings Inc. (NASDAQ:DKNG) grew at 30% last year. It added 3.5 million new customers and became free cash flow positive for the first time. Total customer base grew by a whopping 42% and that’s what the company now intends to monetize.

2025 will be the year the company enhances its live betting products. It has acquired companies like Sports IQ Analytics, Simplebet, and Mustard Golf. The intention is to attract people through an amazing live betting experience.

If the company is able to pull that off, it could grow at about 35% again this year. The highest Wall Street price target of $75 suggests the stock could double from here and the fundamentals suggest the same.

Overall, DKNG ranks 6th on our list of top beaten down large cap stocks that can double according to Wall Street. While we acknowledge the potential of DKNG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as DKNG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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