Analyst Michael Graham of Canaccord Genuity maintained a Buy rating on Sportradar Group AG (SRAD – Research Report), with a price target of $16.00.
Michael Graham has given his Buy rating due to a combination of factors related to Sportradar Group AG’s strong performance and strategic positioning. In the fourth quarter, the company exceeded expectations in terms of revenue and profitability, showcasing broad-based strength across its various segments. The significant growth in key areas, such as the Rest of World (RoW) Betting and Audiovisual (AV) revenue, is particularly noteworthy. The Managed Betting Services showed robust growth, and new partnerships, like the one with the Taiwanese Sports Lottery, contributed additional revenue streams. Additionally, premium pricing from a new deal with the NBA further bolstered the U.S. revenue figures.
Graham’s optimism is further bolstered by Sportradar’s focus on product innovation, which is expected to enhance user engagement with live wagering. The introduction of advanced AV products, including emBET and 4Sight streaming technology, is poised to revolutionize the in-play market by providing immersive viewing experiences and seamless integration of betting content. Furthermore, the company’s forward-looking guidance indicates continued revenue and adjusted EBITDA growth, with a strategic emphasis on cost discipline and product innovation. The authorization of a $200 million share repurchase program also reflects positively on Sportradar’s financial health and management’s confidence in its valuation and future prospects.
According to TipRanks, Graham is a 5-star analyst with an average return of 16.6% and a 57.98% success rate. Graham covers the Technology sector, focusing on stocks such as Uber Technologies, Lyft, and DoubleVerify Holdings.
In another report released today, Needham also reiterated a Buy rating on the stock with a $16.00 price target.
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Sportradar Group AG (SRAD) Company Description:
Sportradar Group AG is a technology platform enabling next-generation engagement in sports, and a provider of B2B solutions to the global sports betting industry. It generates revenue through two primary sources: subscription-based revenue and revenue sharing.
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