DraftKings price target lowered to $30 from $37.50 at BofA

BofA analyst Shaun Kelley lowered the firm’s price target on DraftKings (DKNG) to $30 from $37.50 and keeps a Neutral rating on the shares after the company reported Q4 revenue below expectations and gave revenue guidance of $6.5B-$6.9B, which implies 7%-14% growth and is below the firm’s estimate of $7.0B and the Street’s $7.3B. While the guidance is likely conservative, it’s also low enough to reinforce concerns on prediction market cannibalization, the analyst tells investors.