Craig-Hallum raised the firm’s price target on DraftKings to $40 from $35 and keeps a Buy rating on the shares. Despite high expectations into the print, DraftKings didn’t disappoint, the firm says. Craig-Hallum’s call remains the same as last quarter – the company and stock have momentum, and it thinks both continue. DraftKings is taking market share at an accelerated rate and flowing more of that through to the bottom line with an added focus on cost efficiencies, which was highlighted by its first quarter of positive adjusted EBITDA, the firm adds.
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