Roth Capital Downgrades DraftKings Inc. (DKNG) to Neutral

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December 12, 2022 8:01 AM UTC
Get Alerts DKNG Hot Sheet
Price: $25.15 -1.22%

Rating Summary:
    34 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - December 12, 2022 8:03 AM EST)

Roth Capital analyst Edward Engel downgraded DraftKings Inc. (NASDAQ: DKNG) from Buy to Neutral with a price target of $15.00.

The analyst comments "We prefer valuing iGaming stocks off EBITDA, even if not until 2025. We believe DKNG's positive FCF target for 2025 implies EBITDA of $150M+; however, this excludes $300-400M+ of stockbased comp. While current guidance implies cash bottoming at/above $300M by YE2024, it's also uncertain whether Fanatics' launch is factored in. As such, any noise around Fanatics' launch in 2023 is likely to reinvigorate investors' fears towards DKNG's balance sheet."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $13.96 yesterday.


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