Susquehanna analyst Joseph Stauff lowered the firm’s price target on DraftKings to $20 from $33 and keeps a Positive rating on the shares. The analyst projects the company will have $700M of excess cash through 2024, which assumes additional state launches in Ohio, Maryland and Kansas in January of 2023. If the California online sports betting referendum on November 8 passes, DraftKings will have projected launch costs of $300M over a six-month period starting in Q3 of 2023, leaving it with at least $400M of excess cash before a “significant ramp” in EBITDA production in Q4 of 2024, says the analyst. He thinks the stock can move higher in the near-term on confidence that DraftKings is self-funding itself on a path to profitability.