MoffettNathanson Downgrades DraftKings Stock Amid Competitive Threats
MoffettNathanson has downgraded DraftKings (DKNG) to 'Neutral' and reduced its price target to $27, citing increased competition from prediction markets like Kalshi and Polymarket. The move comes as DraftKings' stock has fallen over 35% from its year-to-date high, with concerns over near-term profitability due to heavy investments in its event-contracts platform.
Tickers: $DKNG
Topics: analyst downgrade competitive threat DraftKings prediction markets stock rating