DraftKings Inc. (NASDAQ:DKNG) stock is trading lower on Thursday despite receiving bullish analyst price forecast updates, as the company faces a dual headwind of potential new competition from Meta Platforms and macroeconomic pressures stemming from recent Federal Reserve policy shifts.
• DraftKings stock is taking a hit today. What’s behind DKNG decline?
Analyst Price Forecast Upgrades
The downward movement in DraftKings stock occurred despite positive adjustments from Wall Street analysts this week. On Thursday, Citizens maintained its Market Outperform rating on DraftKings and raised its price forecast to $36. This followed a Wednesday update from Guggenheim, which reiterated its Buy rating on DraftKings and maintained a $35 price forecast.
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