DraftKings Inc. (DKNG) PT Lowered to $64 at Benchmark
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Benchmark analyst Mike Hickey lowered the price target on DraftKings Inc. (NASDAQ: DKNG) to $64.00 (from $75.00) while maintaining a Buy rating.
The analyst commented, "DKNG delivered better than expected F1Q21 financial results and raised FY21 financial guidance that exceeded average consensus view. DKNG continued to invest aggressively in customer acquisition, product innovations and new state launches; accordingly, we have increased FY21 EBITDA loss expectation. We are encouraged by investment in social app functionality and ongoing positive state legalization trends for online mobile sports betting and online casino that should drive growth. We are optimistic that implemented player social functions can greatly benefit customer acquisition, retention, engagement, and monetization."
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