Update: Truist Securities Cuts DraftKings Price Target to $43 From $45, Keeps Buy Rating

MT Newswires Live12-22 23:57

(Updated to include Truist's commentary)

Truist Securities lowered its price target on DraftKings (DKNG) to $43 from $45 after the company rolled out its prediction app in 38 US states on Friday, with contracts on sports and finance available now.

Additional categories such as entertainment and culture are expected later, analysts led by Barry Jonas wrote in a Friday note.

There are clear risks for the company with multiple court cases between states and prediction operators, the analysts said, adding that they believe DraftKings can outperform as there is clarity.

DraftKings has an average rating of overweight and mean price target of $44.50, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 34.75, Change: +0.54, Percent Change: +1.58

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