Stifel Downgrades DraftKings to Hold, Cuts Target to $21
BTIG and Needham kept buy ratings and lowered their price targets to $23 and $25.
Key points
- Stifel downgraded DraftKings to hold from buy and cut its target to $21 from $32
- BTIG cut its buy-rated target to $23 from $26; Needham cut its target to $25 from $30
- DraftKings closed at $18.51 on Nov. 6, down 5.5% over the 20 sessions to that close
- Before the actions, 25 of 28 covering firms rated the stock positive; median target $30
Three analysts cut their price targets on DraftKings Inc. (Nasdaq: DKNG) on Monday, and Stifel also downgraded the stock to hold from buy, cutting its target to $21 from $32.
BTIG maintained its buy rating and lowered its target to $23 from $26. Needham also kept a buy rating and cut its target to $25 from $30. All three actions came before the open.
DraftKings closed at $18.51 on Friday, Nov. 6, and the stock had fallen 5.5% over the 20 sessions to that close.
Before Monday's actions, 28 firms had rated DraftKings in the past year. Of those, 25 were positive and three were neutral, with none negative. The median price target among the 27 firms with a target was $30, ranging from $25 to $50.
For scale, DraftKings reported revenue of $1.33 billion for the quarter ended Sept. 30, up 16% from a year earlier, along with an operating loss of $493.1 million. It held $1.10 billion in cash and equivalents at that date. Its market capitalization before the latest filing was about $16.50 billion.
DraftKings filed its quarterly report on Form 10-Q with the SEC on Friday, Nov. 6, three days before the actions. Read the filing
Sources
Written with AI from analyst rating changes, SEC filings and market data, and checked against those sources before publishing. Our editorial standards.
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More on DraftKings
DKNG page →Filings, figures and price history are on the DraftKings page.