TD Cowen analyst Lance Vitanza lowered the firm’s price target on DraftKings (DKNG) to $45 from $50 and keeps a Buy rating on the shares. The firm lowered their 4Q25 and FY26 estimates amid persistent hold volatility. They said they estimate Q3 reflected about $190 million in unfavorable NFL outcomes, as well as higher promo activity that was partially offset by strong iG growth.
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