TLDR Bernstein cut its DraftKings price target from $32 to $28, citing weak near-term growth visibility after a soft guidance reset JP Morgan also lowered its price target from $41 to $32, though both firms kept positive ratings (Outperform/Overweight) Multiple analysts have cut price targets in recent weeks, with reductions ranging from 12% to 22% DraftKings beat Q4 EPS estimates ($0.25 vs $0.18 forecast) with revenue of $1.99B, up 43% year-over-year March 2 investor presentation is seen as a key catalyst, where management is expected to outline its prediction markets strategy
DraftKings is having a rough February. A string of analyst price target cuts has piled pressure on the stock, which is now down nearly 60% from its 52-week high of $53.61, trading around $22.35.
On February 17, Bernstein SocGen Group cut its price target on DKNG from $32 to $28, while keeping an Outperform rating. The firm pointed to weak near-term growth visibility following the company’s recent guidance update.
Bernstein analyst Ian Moore said the guidance “left something to be desired” for investors looking for clearer near-term return signals.
Also on February 17, JP Morgan analyst Daniel Politzer maintained an Overweight rating but slashed his price target from $41 to $32 — a 22% reduction.
DraftKings Inc., DKNG
The cuts don’t stop there. Bank of America lowered its target from $37.50 to $30, Benchmark went from $37 to $29, and BTIG dropped from $45 to $37, all on February 13.
Canaccord Genuity has now cut its target twice in quick succession — first from $54 to $50 on February 3, then from $50 to $44 on February 13, while holding a Buy rating each time.
Despite the wave of downgrades, the average price target across 35 analysts still sits at $39.89, implying roughly