DraftKing shares are down 10% over the past two weeks on late December unfavorable sport outcomes where college football playoff favorites were 5-0 against the spread and NFL week-17 favorites were 13-3 ATS, respectively, Oppenheimer analyst Jed Kelly tells investors. The firm estimates December holds were similar to October’s at 7%, more than offsetting a strong November. While customer-friendly outcomes are creating greater investor pushback, Oppenheimer believes hold pressures are transitory and remains a buyer on weakness. Oppenheimer has an Outperform rating and $55 price target on the stock.
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