Benchmark analyst Mike Hickey raised the firm’s price target on DraftKings to $37 from $32 and keeps a Buy rating on the shares. DraftKings’ Q2 performance, which “markedly” exceeded consensus forecasts on both revenues and AEBITDA, along with revised 2023 guidance that raised revenue predictions by $315M and AEBITDA by $110M, was “a grand slam” that firmly cements the company’s place as “a front-runner in the digital sports entertainment and gaming industry,” the analyst tells investors.
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Read More on DKNG:
- DraftKings Stock (NASDAQ:DKNG) Jumps on Beat-and-Raise Results
- DraftKings jumps 10% to $33.10 after Q2 earnings beat, guidance raise
- DraftKings sees Q4 revenue nearly $1.2B, consensus $640.44M
- DraftKings raises 2023 sales outlook to $3.46B-$3.54B from $3.135B-$3.235B
- DraftKings Delivers Positive Adjusted EBITDA in Second Quarter; Reports Revenue of $875 Million; Raises 2023 Revenue Guidance Midpoint by $315 Million to $3.5 Billion and Improves 2023 Adjusted EBITDA Guidance Midpoint by $110 Million to ($205) Million