DraftKings price target lowered to $45 from $51 at Benchmark

Benchmark lowered the firm’s price target on DraftKings (DKNG) to $45 from $51 and keeps a Buy rating on the shares. DraftKings executed well in Q1, but customer friendly outcomes during March Madness, including a historically high win rate for favorites, weighed on actual hold and the impact on hold was meaningful enough to drive a reduction in full year revenue and AEBITDA guidance, the analyst noted. The cut to growth targets reflects the real drag from Q1 outcomes, but core trends remain intact, the analyst added.