Rush Street Interactive (RSI) PT Lowered to $12 at Needham & Company

Needham & Company analyst Bernie McTernan lowered the price target on Rush Street Interactive (NYSE: RSI) to $12.00 (from $17.00) while maintaining a Buy rating after lowering estimates and the multiple.

The analyst commented, "We reiterate our Buy rating but lower our PT to $12 from $17 as we lower our adj. EBITDA estimates in '22E and '23E on higher costs following the 4Q21 print and reduce our target multiple. Similar to gaming peers, RSI appears eager to be on the other side of peak competitive intensity. We expect adj. EBITDA losses to narrow throughout the year, and assume RSI will not return to full year adj. EBITDA profitability until '24E."

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