DraftKings price target raised to $45 from $40 at Craig-Hallum

Craig-Hallum raised the firm’s price target on DraftKings to $45 from $40 and keeps a Buy rating on the shares. Expectations were high for the company’s analyst event this morning and “the company didn’t disappoint,” says the analyst, who argues that management’s guidance for a path from an adjusted EBITDA loss in 2023 to $400M in 2024, nearly $1B in 2025, $1.4B in 2026, and $2.1B in 2028 “shouldn’t be viewed as aspirational but instead likely given.” The stock remains “a must-own growth stock with strong industry and business tailwinds,” the analyst added.