BofA analyst Shaun Kelley raised the firm’s price target on DraftKings (DKNG) to $45 from $40 and keeps a Buy rating on the shares. For 2024, Gaming may be “volatile and trading-oriented” as slowing revenue and rising costs intersect with historically low valuations, but still precede negative estimate revisions, says the analyst, who adds that “caution is warranted” given the recent reaction to misses such as Boyd’s (BYD) in Q3. Online, however, is the “arguably only idiosyncratic story in Gaming,” the analyst added.
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