As previously reported, BofA analyst Shaun Kelley downgraded DraftKings (DKNG) to Neutral from Buy with a price target of $35, down from $48, citing four reasons. Namely, the analyst argues that sports outcomes in Q3 and Q4 raise concerns around volatility and long-term earnings; DraftKings has underperformed in iGaming; 2026 could once again bring state-level tax headwinds; and the prediction markets present a challenging near-term narrative.
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