DraftKings Downgraded To Underweight From Neutral At JPMorgan

JPMorgan analyst Joseph Greff downgraded DraftKings (DKNG) to Underweight from Neutral with an unchanged price target of $12.

Image DraftKings.com

The analyst sees downside in the shares following the post-earnings rally. DraftKings' path to online sports betting and internet gaming profitability is longer than peers as "highlighted by a divergence in 2023 expectations" with the company guiding to sizable EBTIDA losses, while peers MGM Resorts (MGM) and Caesars (CZR) are at or near breakeven, if not generating positive EBITDA, Greff tells investors in a research note.

More By This Author:

Buy/Sell: Wall Street's Top 10 Stock Calls This Week - Saturday, Nov. 26
Here's What Wall Street Experts Are Saying About Zoom Video Ahead Of Earnings
MoffettNathanson Upgrades Disney To Outperform On Iger's Return

Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.