DraftKings price target raised to $55 from $45 at JPMorgan

JPMorgan analyst Joseph Greff raised the firm’s price target on DraftKings to $55 from $45 and keeps an Overweight rating on the shares. Following “solid” underlying, hold-adjusted Q4 results and an equally upbeat 2024 outlook, the firm increased its 2024 revenue, EBITDA, free cash flow, and adjusted EPS estimates for DraftKings. The firm noted that its projections reflect the company’s currently strong technology and product momentum resulting in higher retention, increasing parlay mix, and reduced promotions and external marketing expenses.