Sportradar Group AG (SRAD) PT Raised to $20 at Citi

Citi analyst Jason Bazinet raised the price target on Sportradar Group AG (NASDAQ: SRAD) to $20.00 (from $18.00) while maintaining a Buy rating.

The analyst comments "Maintaining Our View — Along with our updated estimates we are rolling our valuation from 2024 to 2025. In addition, since we expect the firm to begin generating more meaningful FCF, we now value the firm on a FCF multiple (previously we used a revenue multiple). Following our update, our target price goes from $18 to $20, akin to ~27x 2025 FCF. We continue to like three things about Sportradar: 1) its competitive position, 2) its role within the sports betting value chain and 3) the underlying growth in global sports betting market. We maintain our Buy rating."

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