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  "documentTitle": "DraftKings Inc. (DKNG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-10-03 00:00:00",
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  "notes": "The slide uses a 'villain' framing for sell-side analysts, contrasting their bullish outlooks with the firm's bearish thesis.",
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      "text": "Spruce Point believes that analysts are downplaying the tectonic shift that we believe is occurring in the sports betting market and its impact on DKNG.",
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      "text": "BMO (Outperform, No Price Change)",
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      "text": "Benchmark (Buy, $10 Point Cut)",
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      "text": "Morgan Stanley (Overweight, No Price Change)",
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      "text": "Spruce Point believes that analysts are downplaying the tectonic shift that we believe is occurring in the sports betting market and its impact on DKNG.",
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      "text": "“Morgan Stanley provided an update for investors Wednesday and advised them to buy into the weakness on both as they still detect \"multiple avenues for both operators to benefit regardless of where this outcome ends.\" Morgan Stanley observes more than 40% upside on both DraftKings and Flutter to its respective price targets of $52 and $352. For Morgan Stanley, the sudden tumble in share prices looks like a knee-jerk overreaction.” — Morgan Stanley",
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      "kind": "source-note",
      "text": "Source: Sell-side reports. Yellow highlight Spruce Point emphasis..",
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      "kind": "title",
      "text": "We Believe Analysts Are Not Fully Coming To Grips With DKNG's Challenges",
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