Sportradar Lands Slew of Bullish Ratings as Analysts Start Coverage
Sportradar (NASDAQ:SRAD) is near a month removed from its initial public offering (IPO), so it’s time for analysts to head start covering the name. And they are doing just now that in broadly bullish fashion.
At to the lowest degree a dozen sell-side analysts initiated insurance coverage of the sports betting data provider today. All of them did so with “buy” or tantamount(p) ratings, despite the fact that Sportradar is cancelled 6.57 percent since its Sept. 14 IPO.
Citi psychoanalyst Jason Bazinet started coverag on Sportradar and rival Genius Sports (NYSE:GENI) with “buy” ratings, citing warm development forecasts for the sports wagering market.
We anticipate the planetary [online sports betting] securities industry to grow 17% per annum from 2019 to 2025, underpinned past faster ontogeny inwards the US (due to regulatory tailwinds),” according to Citi. “We expect the iGaming marketplace to raise at a similar step of 16% per annum from 2019 to 2025.”
Bank of America psychoanalyst Shaun Kelley is also bullish on Sportradar stock, rating it a “buy,” with a $28 damage target, implying 19 percent upside from the Oct. 8 close. Citing revenue development opportunities inwards markets such as the US, Canada, Brazil, and India, Kelley says Sportradar canful pitch sales development of 20 percent next year and 19 percent inward 2023.
Lots of Love for Sportradar Stock
Sportradar doesn’t run sportsbooks. Rather, it provides data to leagues that is and then supplied to gaming companies.
Sportradar is piecing unitedly an impressive portfolio of deals with leagues, potentially making its data all the more essential to gaming companies. The troupe provides information on over 80 sports crossways 150 leagues inwards 120 countries. Those relationships include the NBA, MLB, NHL, FIFA, and NASCAR.
Benchmark analyst Mike Hickey rates Sportradar a “buy” with a $30 forecast, citing the keep company “leadership” inwards sports data, which he sees increasing as the domestic sports wagering manufacture expands. JPMorgan psychoanalyst Daniel Kerven launches reportage of the carry with an “overweight” gradation and $27 cost projection, citing the company’s “picks and shovels” assets that are indispensable in the rapidly evolving regulated sports wagering space.
Investors that are bullish on the sports betting data blank contend that as regulated sports wagering grows, sportsbooks testament live compelled to pay off upwards for the insurance premium information purveyed by Sportradar and its rivals.
Other Views on Sportradar Stock
While both Sportradar and Genius Sports are fresh public companies, there’s already chatter inward the analyst community that these firms should live precious in similar forge to software program as a service (SaaS) stocks.
If that assessment proves accurate, it could bolster the investiture thesis for Sportradar and its competitor, because market participants have long displayed enthusiasm for SaaS stocks.
As for other analysts starting reporting of Sportradar, Deutsche Bank analyst Steven Pizzella and Needham’s Bernie McTernan both range the public figure “buy,” with $28 toll targets.
In terms of lofty terms targets, Canaccord analyst Michael Graham and Craig-Hallum’s Ryan Sigdahl guide that grouping with $35 forecasts on Sportradar.