Bernie McTernan, an analyst from Needham, reiterated the Buy rating on Rush Street Interactive (RSI – Research Report). The associated price target is $8.00.
Bernie McTernan has given his Buy rating due to a combination of factors that suggest a positive outlook for Rush Street Interactive. McTernan’s optimism is fueled by the company’s strong performance in the fourth quarter of 2023, which appears to be continuing into the first quarter of 2024. This momentum is further solidified by the minimal impact of the new Illinois tax plan on the company’s finances, which is less than previously anticipated.
Furthermore, McTernan’s confidence is bolstered by Rush Street Interactive’s first-time issuance of adjusted EBITDA guidance, indicating a growth from $8 million to $40 million. This guidance suggests that there is potential for even greater revenue growth and higher incremental margins than the company has forecasted. Based on these elements, McTernan has increased his price target to $8, reaffirming the Buy rating on RSI stock.
McTernan covers the Communication Services sector, focusing on stocks such as Shutterstock, Genius Sports Limited, and DoorDash. According to TipRanks, McTernan has an average return of -3.8% and a 41.90% success rate on recommended stocks.
In another report released yesterday, Jefferies also reiterated a Buy rating on the stock with a $11.00 price target.
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Rush Street Interactive (RSI) Company Description:
Rush Street Interactive is an online gaming company. It offers online casino and sports betting under BetRivers.com and PlaySugarHouse.com brands in the U.S. and RushBet.co brand in Colombia.
Read More on RSI:
- Rush Street Interactive Announces Fourth Quarter and Full Year 2023 Results
- DoorDash, Lyft upgraded: Wall Street’s top analyst calls
- Susquehanna downgrades Rush Street on 2024 estimate risk
- Rush Street Interactive downgraded to Neutral from Positive at Susquehanna
- RSI Upcoming Earnings Report: What to Expect?
