Morgan Stanley raised the firm’s price target on DraftKings to $40 from $38 and keeps an Overweight rating on the shares. The firm is “taking some chips off the table” in to reflect a more tempered view on gaming going into 2024 as it sees gaming/lodging/leisure having “another mixed hand into 2024.” However, DraftKings is one of its two “Most Preferred Overweights” as “a leader in one of the few idiosyncratic growth stories within consumer,” the analyst tells investors. DraftKings is poised for a material ramp in profitability in 2024 as fewer new states are launched and as the company refines its national marketing approach, the analyst added.
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