DraftKings can add to its blockbuster 2023 performance as it heads toward $1 billion in adjusted EBITDA, according to Well Fargo. The company posted stronger-than-expected second quarter results Thursday. "We learned a lot last week: DKNG is capturing share, capitalizing on an improved product, and limiting opex growth," analyst Daniel Politzer wrote in a Monday note. Politzer upgraded shares to overweight from equal weight.
mountain DraftKings stock "EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. Momentum to continue," said Politzer. He cited structural hold improvements, shorter payback periods, secular growth and industry consolidation and aging cohorts driving down promotional expenses as tailwinds for earnings growth.
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