Citigroup downgrades PT on DraftKings

May 31, 2022 12:39 PM ETDraftKings Inc. (DKNG)By: Preeti Singh, SA News Editor4 Comments

Online Fantasy Sports Sites, FanDuel And DraftKings, Under Scrutiny Of Government

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  • Citigroup has downgraded its price target on sports betting company DraftKings (NASDAQ:DKNG) from $35 to $28.
  • Shares are down -4.69% in today's trading, and have dropped -59.45% in the last six months and -71.72% in 12 months.
  • Analysts have remained bullish on DraftKings after management said earlier in May it remains confident in hitting near-term EBITDA targets and reaching profitability without more capital raises.
  • Jefferies was bullish on the stock ahead of investor meetings with the company and Morgan Stanley has DKNG slotted as a top pick for the legal US sports betting & iGaming market. Roundhill Investments is also constructive on the stock.

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