DraftKings price target lowered to $54 from $58 at Mizuho

Mizuho lowered the firm’s price target on DraftKings (DKNG) to $54 from $58 and keeps an Outperform rating on the shares. The firm notes the stock is down 20% over the last two weeks. There are a confluence of items leading to the decline, and while each may be digestible on its own, the combination of which has proven potent, Mizuho argues. The firm remains constructive on DraftKings long term, but believes estimates/sentiment still need to adjust lower in the near/medium term before the stock can see support.