DraftKings price target lowered to $48 from $50 at Stifel

Stifel analyst Jeffrey Stantial lowered the firm’s price target on DraftKings to $48 from $50 and keeps a Buy rating on the shares, which remain a Stifel select list idea. The firm shares the market’s skepticism and hesitation regarding potential consumer backlash towards DraftKings’ new gaming tax surcharge, but continues to see a “compelling upside bias to out-year estimates, now even further discounted,” the analyst tells investors in a post-earnings note.