DraftKings Inc. (DKNG) PT Lowered to $53 at UBS Post Q3 Print

UBS analyst Robin Farley lowered the price target on DraftKings Inc. (NASDAQ: DKNG) to $53.00 (from $56.00) while maintaining a Buy rating.

The analyst commented, "We are updating our DKNG estimates following Q3 earnings, where results came in lower than expectations due to customer-friendly sports outcomes in September. We remain Buy rated, and our Price Target moves down to $53 from $56, primarily due to the assumption of a slower cadence of OSB and iGaming legalization. We move to valuing DKNG using the 17x EV/EBITDA forward multiple where DKNG has traded on average for 3 years, 5 years and since going public (since there is not yet a 10-year average) from the 21-23x range previously. We roll forward our valuation year to 2027, from 2026 previously."

You May Also Be Interested In

• Bernstein SocGen Group Upgrades Analog Devices (ADI) to Outperform
• Target (TGT) PT Raised to $185 at DA Davidson
• Nordson Corp. (NDSN) Tops Q3 EPS by 16c; Offers Guidance