Cowen analyst Stephen Glagola upgraded DraftKings to Outperform from Market Perform with an unchanged price target of $70. The stock closed Friday down 80c to $56.66. The primary driver for the shares remains the pace of state legalization and that path is “robust” for the second half of 2021 and 2022, Glagola tells investors in a research note. The analyst has greater confidence that DraftKings will sustain over 25% online sports betting market share in the U.S. at maturity. The recent pullback in the shares provides a “more compelling risk/reward,” says Glagola. The analyst believes that while investors have viewed the New York online sports betting plan unfavorably, the “low-skin and potentially high tax model” will drive increasing barriers to entry, resulting in greater market concentration for the winners like DraftKings.