BMO Capital lowered the firm’s price target on DraftKings (DKNG) to $64 from $65 but keeps an Outperform rating on the shares. The company’s Q1 results were soft, with revenue and adjusted EBITDA below consensus, but while unfavorable outcomes are a part of business, the recently higher adverse outcomes are transitory, the analyst tells investors in a research note. Digital gaming revenues are more durable in an uncertain macro than many perceive, the firm adds.
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