Draftkings soared over 10% in morning trading after it attracted higher estimates from BofA.
Bank of America lifted estimates on DraftKingsto adjust for the strong start in New York. The firm saw Q4 revenue estimate of $446M (+108% Q/Q, +39% Y/Y) vs. the implied guidance of $437M at the midpoint. BofA saw 2022 revenue of $2.12B.
Importantly, BofA also updated its total addressable market forecast and out-year forecasts higher for the timing of state launches and recent data.
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