Morgan Stanley raised the firm’s price target on DraftKings to $35 from $32 and keeps an Overweight rating on the shares. The firm is raising its FY23 and FY24 revenue estimates by 8% and 1%, respectively, while narrowing its FY23 EBITDAR loss by about 90% to reflect DraftKings’ Q2 beat, flowing through the operating structure to future windows with higher hold.
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