Sportradar Group AG (SRAD) PT Raised to $12 at Benchmark

Benchmark analyst Mike Hickey raised the price target on Sportradar Group AG (NASDAQ: SRAD) to $12.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "In Q1 2024, Sportradar delivered a strong performance with record quarterly revenue, which increased by 28% year-over-year. The robust revenue growth led to a 29% rise in AEBITDA. The company has subsequently raised its full-year 2024 outlook, reflecting the positive momentum across its business operations. Significant leadership enhancements included the appointments of a new CFO and Chief Technology & AI Officer. Sportradar has commenced share repurchases under the previously authorized $200 million repurchase program, signaling confidence in its financial health and future prospects. We maintain our Buy rating and raise our PT to $12, which is 3.0x (raised from 2.5x) on estimated FY24 revenue of $1,115M plus net cash per share."

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