Jefferies raised the firm’s price target on DraftKings (DKNG) to $54 from $53 and keeps a Buy rating on the shares after its Q2 results. A “complex set of dynamics” amid concerns over tax rates, market launches, and structural hold are alleviated by the stronger-than-expected quarter and maintained FY25 guidance, which includes these headwinds, the analyst tells investors in a research note. The seasonal tailwind from the upcoming football season, increased parlay mix, leadership in in-play, and easy comps against low hold all suggest continued momentum, the firm added.
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