Craig-Hallum Reiterates Buy Rating on DraftKings Inc. (DKNG)

Craig-Hallum analyst Ryan Sigdahl reiterated a Buy rating and $57.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst comments "Following Q2 results and a healthy customer acquisition environment for US OSB and iGaming, we are refining our Q3 and Q4 estimates for DKNG. We are now estimating a more heavily weighted spend in Q3 vs. Q4 and are adjusting both EBITDA and Revenue to account for these developments (in short, greater promo spend and marketing for Q3 which should see benefits as we head into Q4). Aside from these changes, DKNG remains in a strong position to capitalize in both OSB and iGaming for the remainder of the year, with new products driving engagement and loyalty. As such, we continue to be bullish long-term on the company and stock."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $35.25 yesterday.

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