Macquarie reiterated an Outperform rating and $42 price target on DraftKings following the company’s investor day, where it updated its TAM assumptions and longer-term outlook. The firm views DraftKings as the best way to play the burgeoning U.S. Online market given its first-mover advantage, strong brand recognition with the younger demographic, and superior tech. Given these trends, Macquarie believes the stock is well positioned to protect its leadership position by continuously reinvesting in its business and tech.
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