Declining customer acquisition costs bode well for DraftKings, says Argus

Argus keeps a Buy rating and $34 price target on DraftKings while noting that the recent share price weakness represents a buying opportunity. The declining customer acquisition costs bode well for the company’s long-term growth, the analyst tells investors in a research note, also forecasting its revenue to jump to $3.2B in 2023 from $2.2B in 2022 amid legalization of online sports betting in additional states.