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Cowen upgrades DraftKings, says recent struggles for stock is a buying opportunity

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Pavlo Gonchar | LightRocket | Getty Images

The outlook for DraftKings has been improving even as its stock has slipped in recent weeks, and investors should take advantage, investment firm Cowen said in a note to clients on Monday.

Cowen analyst Stephen Glagola upgraded the sports gambling stock to outperform from market perform. Shares of the gaming stock have fallen nearly 12% since April 6 and more than 21% since March 19.

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