DraftKings price target lowered to $45 from $53 at BTIG

BTIG lowered the firm’s price target on DraftKings (DKNG) to $45 from $53 and keeps a Buy rating on the shares. The firm cites July/August state data reports and anticipated softer September hold, along with the impact of Kalshi’s football volumes through Week 4 amid the growing prediction markets debate. Prediction offerings are ultimately broadening the market a la ESPNBet, but it is understandable that investors are still concerned about the second derivative of recent trends as the NBA season is weeks away and there’s room for further improvement in both product and pricing, while there’s yet to be any impactful regulatory/competitive intervention, the analyst tells investors in a research note.