DraftKings price target lowered to $42 from $51 at JPMorgan

JPMorgan lowered the firm’s price target on DraftKings (DKNG) to $42 from $51 and keeps an Overweight rating on the shares following the Q3 report. The firm believes the “plethora of headwinds” facing DraftKings is well known, as the stock “already reflects a lot of fear.” JPMorgan does not think the company is getting much credit for the “possibility that things could actually pan out favorably re: its prediction market strategy.”