UPDATE: Watching DraftKings; Hearing Traders Circulate Comments From Morgan Stanleys Stephan W Grambling, Adjusting His Price Target On DraftKings To $47 From $51, Noting DraftKings Sees A Higher Total Addressable Market After Strong Customer Acquisition, Stable Promotional Activity Before The NFL's First Week; Sees Confidence In Long-Term Win-Rates, Potential Leverage Improvement, Though Near-Term Requires Significant Cash For Operations And Pursuing Opportunities
Portfolio Pulse from Benzinga Newsdesk
DraftKings' price target has been adjusted to $47 from $51 by an analyst, citing a higher total addressable market due to strong customer acquisition and stable promotional activity. The company is confident in long-term win rates and potential leverage improvement, but near-term operations require significant cash.
September 10, 2024 | 1:11 pm
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DraftKings' price target has been lowered to $47 from $51 due to a higher total addressable market and strong customer acquisition. However, near-term operations require significant cash, impacting short-term financials.
The analyst's adjustment of DraftKings' price target from $51 to $47 reflects a cautious outlook despite positive customer acquisition and market potential. The need for significant cash in the near term suggests potential financial strain, likely impacting the stock price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100