Citi lowered the firm’s price target on DraftKings to $55 from $57 and keeps a Buy rating on the shares after the company reported Q2 revenue and adjusted EBITDA below the Street. In addition, the firm raised its 2024 revenue outlook but lowered its 2024 adjusted EBITDA guidance, the firm pointed out in a research note on Friday. Citi is updating its model to reflect the company’s performance to date and its latest outlook.
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