DraftKings price target lowered to $51 from $54 at Citizens JMP

Citizens JMP lowered the firm’s price target on DraftKings (DKNG) to $51 from $54 and keeps an Outperform rating on the shares. September, the make-or-break month for the Q3 for sports betting companies, ended up being challenging, primarily on the back of game outcomes and player props across several NFL games, the analyst tells investors in a research note. Citizens expects September results will drag actual margins below expected margins for the quarter despite solid results in July and August.