DraftKings price target lowered to $48 from $54 at Argus

Argus lowered the firm’s price target on DraftKings to $48 from $54 but keeps a Buy rating on the shares after its Q1 earnings beat. The analyst is positve on the company’s strong growth prospects and declining customer acquisition costs, narrowing the firm’s 2024 loss estimate to (10c) per share from (14c) per share and raising its 2025 EPS estimate to 80c from 78c. DraftKings is set to report its first profitable year in 2025, and once the company turns profitable, Argus sees its five-year earnings growth rate at 25%, the firm tells investors in a research note.