DraftKings Inc DKNG shares are trading lower Monday following a downgrade from JPMorgan.
What Happened: JPMorgan analyst Joseph Greff downgraded DraftKings from Neutral to Underweight and announced a $12 price target, citing a less attractive valuation relative to its peers based on recent guidance.
The JPMorgan analyst highlighted DraftKings' 2023 guidance, in which the company expects an adjusted EBITDA loss between $475 and $575 million. Most DraftKings competitors are expecting breakeven or positive EBITDA in 2023, Greff said.
DraftKings is a digital sports entertainment and gaming company with products across daily fantasy, regulated gaming and digital media.
DKNG Price Action: DraftKings has a 52-week high of $28.55 and a 52-week low of $9.77.
The stock was down 3.57% at $14.60 at time of publication, according to Benzinga Pro.
Photo: courtesy of DraftKings.
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