CBRE downgrades DraftKings to Hold on prediction market risk

CBRE downgraded DraftKings (DKNG) to Hold from Buy with a $36 price target The firm cites potential competition from prediction markets for the downgrade. DraftKings could be impacted as prediction markets improve their product and acquire customers in unregulated states, the analyst tells investors in a research note. CBRE moved to the sidelines as investors reset expectations and wait for the next major catalyst for the shares.