{"id":5771,"date":"2023-05-08T12:05:16","date_gmt":"2023-05-08T16:05:16","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/analysts-remain-neutral-on-draftkings-despite-another-clean-beat-and-raise\/"},"modified":"2023-05-08T12:05:17","modified_gmt":"2023-05-08T16:05:17","slug":"analysts-remain-neutral-on-draftkings-despite-another-clean-beat-and-raise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5771","title":{"rendered":"Analysts remain neutral on DraftKings despite ‘another clean beat and raise’"},"content":{"rendered":"
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\u00a9 Reuters. Analysts remain neutral on DraftKings despite ‘another clean beat and raise’<\/span>
\n<\/i>\n<\/div>\n

DraftKings’\u00a0(NASDAQ:) price target was raised at both Barclays and Deutsche Bank following the company’s latest earnings release, which saw it top consensus earnings and revenue estimates last week.<\/p>\n

DKNG shares closed Friday’s session up 15% following the results, although they have fallen over 2% so far on Monday.<\/p>\n

Reviewing the release, Deutsche Bank analysts maintained a Hold rating on the stock but lifted the price target to $22 from $15 per share, stating it was “another volatile DKNG earnings report.”<\/p>\n

“Given the range of adjusted EBITDA outcomes over the long term, as it pertains to DKNG, the volatility inherent in the shares is to be expected, much like many blue sky stocks where the narrative supersedes the financial results,” they wrote.<\/p>\n

“That said, we don’t believe the 1Q23 results provided considerably more insight into the long-term opportunity, nor tightened the range of outcomes, but merely reinforced that DKNG can beat the bars it has set, and furthered management credibility around its under promise and over deliver strategy.”<\/p>\n

Barclays analysts kept an Equal-Weight rating on the stock but raised the price target to $24 per share, albeit from $23.<\/p>\n

The analysts said DKNG posted “another clean beat and raise, driven by better customer growth\/retention, structural hold improvements, and more efficient customer acquisition costs.”<\/p>\n

“DKNG’s fundamentals continue to show sequential momentum, benefiting from product innovation, and the harvesting of outsized fixed cost spend that took place in 2021\/2022. Market share gains within OSB and iGaming were particularly impressive in the 1Q,” they added.<\/p>\n

“However, the share price move YTD (+116%) reflects this momentum, in our view, and valuation isn’t necessarily attractive vs. digital peers at 3.8x\/3.2x 2023E\/2024E EV\/sales.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Analysts remain neutral on DraftKings despite ‘another clean beat and raise’ DraftKings’\u00a0(NASDAQ:) price target was raised at both Barclays and Deutsche Bank following the company’s latest earnings release, which saw it top consensus earnings and revenue estimates last week. DKNG shares closed Friday’s session up 15% following the results, although they have fallen […]<\/p>\n","protected":false},"author":1,"featured_media":5772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-5771","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAnalysts remain neutral on DraftKings despite 'another clean beat and raise' | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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