DraftKings price target raised to $54 from $44 at Macquarie

Macquarie raised the firm’s price target on DraftKings to $54 from $44 and keeps an Outperform rating on the shares following the company’s Q4 earnings results. The analyst noted that DraftKings Q4 adjusted EBITDA was better than expected, as was the company’s FY24 EBITDA and revenue guidance. Macquarie added that, importantly, DraftKings “continues to hold market share (~30%) in a market that continues to grow,” and doesn’t see risks to DraftKings’ 15%-30% multi-year top line growth path.