Northland analyst Greg Gibas upgraded DraftKings (DKNG) to Market Perform from Underperform after the company reported Q3 results that came in below consensus expectations, primarily driven by customer-friendly sports outcomes in September and this trend carried into October. While noting that the company decreased its 2025 adjusted EBITDA guidance, which also accounts for the expected launch of its prediction market offering in the coming months, the firm believes prediction market risks are “mostly priced in and better understood,” the analyst tells investors.
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