DraftKings price target lowered to $53 from $57 at Stifel

Stifel lowered the firm’s price target on DraftKings (DKNG) to $53 from $57 and keeps a Buy rating on the shares. Following another stretch of unfavorable game outcomes in March, the firm forecasts Q1 adjusted EBITDA misses for its U.S. online sports betting and iCasino pure-play operator coverage, the analyst tells investors in a preview. The firm still recommends owning DraftKings and Flutter Entertainment (FLUT) into their Q1 prints, though trimming exposure temporarily thereafter given unfavorable seasonality and what it sees as a “negatively-biased legislative catalyst path,” the analyst added.