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DraftKings Stock Has Recipe for Upside, Says Cowen Analyst

DraftKings (NASDAQ:DKNG) stock is trading modestly higher Monday with the help of a sell-side upgrade.
DraftKings CEO Jason Robins pictured above. Research firm Cowen sees appreciation coming for the stock. (Image: Getty Images)
Cowen analyst Stephen Glagola boosted his rating on the daily fantasy sports (DFS) provider to “outperform” from “market perform,” while lifting his price target on the name to $70. That implies upside of 23.5 percent from the April 30 close. In his new enthusiasm for the stock, Glagola cites a familiar catalyst.
Current legalization trends suggest to us that the 2H:21-FY22 period remains robust, and could result in DKNG being live in states representing up to 51.2% of the adult population by 2022 end,” he said in a note to clients.

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