Craig-Hallum analyst Ryan Sigdahl lowered the firm’s price target on DraftKings to $21 from $30 on a more challenging near-term stock setup, while keeping a Buy rating on the shares. The analyst notes that while scaled peers are showing material improvements in operating leverage with several inflecting to positive EBITDA, DraftKings continues to lean into spend. He has confidence in the company’s competitive advantages and market opportunity, and thinks peers are demonstrating how quick the switch can be turned on from losses to profitability standpoint.
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Published first on TheFly
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