Citi lowered the firm’s price target on DraftKings (DKNG) to $55 from $65 and keeps a Buy rating on the shares ahead of the Q1 earnings report on May 8. Given state data trends and strong performance from favorites during the NCAA basketball tournaments, Citi expects the company will call out customer-friendly headwinds during the quarter. Citi expects DraftKings will maintain its 2025 outlook, but is now forecasting Q1 revenue and adjusted EBITDA below the Street. It cites recent market multiple compression for the target cut.
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