Benchmark raised the firm’s price target on DraftKings to $44 from $41 and keeps a Buy rating on the shares. DraftKings remains “a 2024 top idea,” says the analyst, who sees the shares being down 2% year-to-date setting up the stock for “a strong run” through year-end. DraftKings’ improved outlook, fueled by stronger market win margins in Q3, new user growth, traditional tax mitigation strategies, and valuation contraction ahead of the NFL season, “creates an attractive entry point,” the analyst tells investors.
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