DraftKings Inc. (DKNG) PT Raised to $51 at Benchmark, New Top Idea
Benchmark analyst Mike Hickey raised the price target on DraftKings Inc. (NASDAQ: DKNG) to $51.00 (from $44.00) while maintaining a Buy rating.
The analyst commented, "DraftKings delivered in-line results for the quarter, which was challenged by customer-friendly outcomes that led to a difficult growth scenario for OSB operators. Consensus had declined heading into the report, reflecting these unique conditions that were transitory, in our view. We remain constructive on the company's long-term growth prospects, driven by key catalysts such as the expansion of live betting, growth in structural sportsbook hold, inflecting AEBITDA and Free Cash Flow generation, regulatory momentum, and potential new market expansions. As a result, we are reiterating our Buy rating and raising our price target to $51. We are also adding DraftKings to our top ideas for 2025."