UPDATE: DraftKings Inc. (DKNG) PT Lowered to $27 at Deutsche Bank, Expects Raise to 2022 Net Revenue Guidance

January 11, 2022 6:48 AM EST
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Price: $14.55 +2.18%

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    21 Buy, 13 Hold, 0 Sell

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    Up: 11 | Down: 19 | New: 10
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(Updated - January 11, 2022 6:49 AM EST)

Deutsche Bank analyst Carlo Santarelli lowered the price target on DraftKings Inc. (NASDAQ: DKNG) to $27.00 (from $46.00) while maintaining a Hold rating.

The analyst comments "In this note, we outline the key themes around DKNG, our thoughts on the upcoming quarter, and our broader views on the sector. In summary, the key points we make in this report are as follows: DKNG 2022 Guidance: Given the launch in New York, we expect DKNG to raise the $1.7 to $1.9 bn net revenue guidance for 2022. We note that our model includes OSB launches in Maryland, Louisiana, and Ohio, as well as the OSB and iCasino launch in Ontario. As such, our 2022 net revenue forecast stands at $2.0 bn. We believe the intense promotional environment is likely to linger through 2022."

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