1 Wall Street Analyst Thinks DraftKings Stock Is Going to $50. Is It a Buy?

Shares of DraftKings (NASDAQ: DKNG) rocketed to a 52-week high of $49.57 earlier this year on the back of strong growth in the online sports betting market. Recent concerns over regulatory headwinds have pulled the stock well off its highs, but Macquarie analyst Chad Beynon has an outperform (buy) rating on the shares with a $50 price target. Is the stock a buy now? Illinois is the latest state to move to a higher tax rate on sports betting companies, which creates uncertainty about DraftKings' ability to reach its profit target next year. DraftKings is having no problem growing revenue, which jumped 26% year over year last quarter, but Wall Street analysts expect the company to report an adjusted loss of $0.28 per share in 2024 While a loss, that is a significant improvement over the $1.73 loss last year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool