Craig-Hallum analyst Ryan Sigdahl raised the firm’s price target on DraftKings to $27 from $21 and keeps a Buy rating on the shares. The firm notes the company reported a strong beat/raise with the most notable surprise being the cost efficiencies evident in Q4 results and revised 2023 guidance. Craig-Hallum thinks this is an important pivot in management mindset from not just growth but also expense management. The firm continues to believe DraftKings will be one of the few long-term winners in the sector and will be highly profitable long-term, and thinks this quarter provides improved visibility to that.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on DKNG:
- Caesars shares can more than double from here, says B. Riley
- DraftKings price target raised to $28 from $23 at Oppenheimer
- DraftKings price target raised to $30 from $28 at Canaccord
- DraftKings price target raised to $22 from $16 at Wells Fargo
- DraftKings price target raised to $23 from $15 at Barclays