Susquehanna lowered the firm’s price target on DraftKings (DKNG) to $59 from $64 and keeps a Positive rating on the shares. The firm previewed its Q3 results and lowered estimates to reflect impact of UN-favorable sports results in the quarter, partially offset by modestly higher jackpot expectations due to the $1.8B jackpot in September. The lowered target largely reflects increased skepticism from competitive inroads from predictions markets and ongoing structural hold skepticism.
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