DraftKings price target raised to $28 from $23 at Oppenheimer

Oppenheimer raised the firm’s price target on DraftKings to $28 from $23 and keeps an Outperform rating on the shares after management raised its 2023 revenue/EBITDA outlook by 2%/$125M on higher holds, better customer retention, improving marketing efficacy and headcount optimization. The firm sees further profitability upside on lower CPAs in new markets and potential to improve holds outside of football.