eSports has become big business.
In fact, by 2022, the industry could be worth up to $1.8 billion from $950 million. Then, by 2025, according to Research and Markets, it could run to $3 billion. All with its audience expected to nearly double from 335 million to 646 million over the next three years. In addition, in 2013 eSports gamers spent 2.4 billion hours watching eSports. As of 2019, that’s up to 6.6 billion hours, and is only likely to increase from here, as eSports goes mainstream.
One of the stocks to consider when it comes to eSports is Corsair Gaming (CRSR).
While the stock is already up substantially on the year, analysts believe it could see higher highs. In fact, we’d like to see it closer to $60 before the year is out.
“Corsair is a leading consumer hardware company selling into strong secular growth end markets including video games, esports, and online streaming,” Baird analyst Colin Sebastian said in a note to clients, as quoted by MarketWatch. “With a strong brand, culture of innovation, and rapid refresh cycle (over 15 new products launched this year), Corsair is well positioned, in our view, to gain market share within higher-margin peripherals categories and to maintain share in core components and systems.”
Analysts at Wedbush also initiated coverage with an outperform rating and a $25 price target. Goldman Sachs initiated with a buy rating. Barclays initiated with an outperform rating.