DraftKings price target lowered to $49 from $51 at Jefferies

Jefferies analyst David Katz lowered the firm’s price target on DraftKings (DKNG) to $49 from $51 and keeps a Buy rating on the shares. The firm updated the company’s model post the Q3 report. While the results were “not stellar,” the “muted” growth outlook is “over-compensated” in the shares, the analyst tells investors in a research note. Jefferies views the recent share selloff as a buying opportunity.