DraftKings price target lowered to $43 from $53 at Benchmark

Benchmark lowered the firm’s price target on DraftKings (DKNG) to $43 from $53 and keeps a Buy rating on the shares. With business pressured by the “usual suspects,” including unfavorable sports outcomes and elevated promotional expense, as well as a difficult macro backdrop and the rise of prediction markets having shaken investor confidence, the firm thinks Q3 looks “potentially challenging,” the analyst tells investors in a preview. However, the firm remains constructive on DraftKings’ long-term growth opportunity, the analyst added.