Oppenheimer analyst Jed Kelly raised the firm’s price target on DraftKings to $44 from $40 and keeps an Outperform rating on the shares. The firm notes guidance implies 53% incremental margins on higher CAC/Promo efficiencies, increasing structural holds, and strong customer engagement. DraftKings product gains generated industry share gains of 300bps quarter-over-quarter, while Q3 structural holds increased 50bps quarter-over-quarter to 9.5%, and October holds were higher, Oppenheimer points out.
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