BofA lowered the firm’s price target on DraftKings (DKNG) to $50 from $60 and keeps a Buy rating on the shares. After a Q1 miss, DraftKings lowered the midpoint of EBITDA guidance to $850M from $950M, notes the analyst, who notes that shares traded up modestly in the aftermarket on low expectations and likely relief that new guidance might be de-risked. The firm lowered its own FY25 EBITDA estimate to $825M from $880M prior, driving its lower price target
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