Canaccord analyst Michael Graham raised the firm’s price target on DraftKings to $42 from $38 and keeps a Buy rating on the shares. The firm said they reported very strong Q2 results, with revenue and profitability both well ahead of consensus as ongoing product improvements drove robust growth and further market share gains.
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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