DraftKings price target raised to $46 from $40 at Argus

Argus raised the firm’s price target on DraftKings to $46 from $40 and keeps a Buy rating on the shares. The analyst states that the legalization of online sports betting in additional states will boost the company’s revenue to $3.2B in 2023 from $2.2B in 2022, while also noting that the declining customer acquisition costs bode well for the company’s long-term growth. Argus is narrowing its 2023 loss estimate to (96c) per share from ($1.50) and its 2024 loss estimate (20c) per share from (60c), also forecasting that DraftKings will report its first profitable year in 2025.