DraftKings price target raised to $50 from $45 at Northland

Northland raised the firm’s price target on DraftKings to $50 from $45 and keeps an Outperform rating on the shares after the company reported Q4 results that beat the firm’s expectations, but missed consensus estimates due to customer-friendly sports outcomes, mostly in the NFL in November. The firm believes a number of positive takeaways continue to make the story attractive – including strong customer acquisition, retention, and engagement; an increasing structural hold; market share improvements; meaningful free cash flow generation; and 2024 guidance upside – and likes the strategic acquisition of Jackpocket, the analyst tells investors.