DraftKings price target lowered to $35 from $52 at Needham

Needham lowered the firm’s price target on DraftKings (DKNG) to $35 from $52 and keeps a Buy rating on the shares after its Q4 earnings miss and expectations for lower revenue base in FY26. The upcoming investor day will help, but ultimately for DraftKings to get credit for their operations, the prediction market product needs to be at least at par with Kalshi, which should in turn lead to revenue and cash flow, the analyst tells investors in a research note.