DraftKings price target raised to $46 from $42 at Jefferies

Jefferies raised the firm’s price target on DraftKings to $46 from $42 and keeps a Buy rating on the shares post the Q3 report. The company’s headline results were better than expected and its guidance update was positive, the analyst tells investors in a research note. The firm says that as the U.S. digital market evolves, with smaller states coming online and DraftKings’ execution continuing to accelerate, estimates continue to move higher through 2025. Jefferies believes the macro environment is not a prerequisite for the success of DraftKings and digital gaming generally.