Morgan Stanley analyst Thomas Allen has downgraded DraftKings to Hold from Buy, citing increased competition and slowing momentum on legalization in several states. He also sees various risks to the upcoming NFL (National Football League) season that could be canceled due to COVID-19 related concerns. Shares of the online sports betting player plunged over 7% on Friday after the downgrade.The analyst downgraded DraftKings (DKNG) amid near-term risks. He wrote in a client note that the sports betting industry has become more competitive, “with numerous peers raising capital and operators looking to take first-mover advantage, so near-term losses could be much …read more
Source:: Yahoo Finance
