DraftKings plans more investment in prediction markets, and BofA cut its stock target over profit and competition concerns. The firm kept its rating, but the lower target makes the news negative for DraftKings.
More spending on prediction markets could leave less profit, and BofA also cited competition. The firm kept its rating, but that does not erase its lower estimate. This is an analyst view, not a reported change in DraftKings' results.
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