Wells Fargo upgraded DraftKings to Overweight from Equal Weight with a price target of $37, up from $28. The company’s earnings report showed it is capturing market share, capitalizing on an improved product, and limiting operating expense growth, the analyst tells investors in a research note. The firm sees upward EBITDA revisions to come and a path to $1B adjusted EBITDA in 2025 for DraftKings.
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