Why DraftKings Stock Was a Bad Bet on Tuesday
Investors slapping a few dollars down on DraftKings (NASDAQ: DKNG) stock Tuesday didn't make the best pick. The next-generation sports gambling company's shares fell by nearly 8% on the day, due in no small part to a recommendation cut from an analyst at a high-profile bank.
Tuesday morning, Citigroup's Jason Bazinet gave his DraftKings price target a 20% haircut. He now believes the stock is worth $28 per share, down from the previous $35. That said, he's maintaining his buy recommendation, as the new level is more than double the current price of the shares.
Image source: Getty Images.
Source Fool.com