DraftKings (DKNG) shares slid on Monday as Wall Street analysts downgraded the stock to Underweight amid a bleaker-than-expected outlook for the online gambling company in 2023.
“We suggest investors rotate out of DraftKings and Penn Entertainment (PENN) which we are downgrading today,” JPMorgan analyst Joseph Greff wrote in a research note published Monday. “For DKNG, we see a longer runway and more risk to achieving [online sports betting] profitability than its peers and with the…
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