Benchmark lowered the firm’s price target on DraftKings (DKNG) to $37 from $43 and keeps a Buy rating on the shares. DraftKings’ Q3 results missed expectations as unfavorable football outcomes and reduced sportsbook hold weighed on both revenue and profitability, the analyst tells investors. Despite a guidance reset, the firm sees structural growth drivers – including product innovation, parlay adoption, and exclusive media partnerships with ESPN and NBCU – continuing to strengthen DraftKings’ competitive positioning, the analyst added in a post-earnings note.
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Read More on DKNG:
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