Susquehanna analyst Joseph Stauff raised the firm’s price target on DraftKings to $48 from $47 and keeps a Positive rating on the shares. The firm believes expectations are too low considering a more “typical” seasonal pattern where DraftKings underperforms FanDuel in 2Q given anDuel’s stronger NBA product, but outperforms and gains share in 3Q given the strength/depth of its football product offering. Susquehanna sees DraftKing’s trading levels having fully reflected off- season industry fears versus the favorable performance the firm expects in 2H24.
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