Oppenheimer lowered the firm’s price target on DraftKings (DKNG) to $55 from $60 and keeps an Outperform rating on the shares. The firm also lowered its Q3 EBITDA by $134M to (92M) following unfavorable September standalone NFL games, that are facilitating heightened Prediction Markets discussions. Oppenheimer understands Prediction Markets angst, but views the threat as overstated, highlighting DraftKings’ accelerating handle/traffic in September implying to it PM volume is being driven by non-core customers, non-regulated states, or casual players that could eventually seek a better OSB product experience.
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