Citi raised the firm’s price target on DraftKings (DKNG) to $59 from $55 and keeps a Buy rating on the shares. The company reported Q3 revenue below the Street along with adjusted EBITDA above consensus, the analyst tells investors in a research note. The firm says DraftKings lowered its 2024 outlook due to customer friendly outcomes early in Q4 but reiterated its 2025 adjusted EBTDA outlook. Management commentary also pointed to several levers that could potentially lead to upside to its 2025 outlook, adds Citi.
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