Sportradar Group AG (SRAD) PT Raised to $32 at Canaccord Genuity

Canaccord Genuity analyst Michael Graham raised the price target on Sportradar Group AG (NASDAQ: SRAD) to $32.00 (from $30.00) while maintaining a Buy rating.

The analyst commented: "Sportradar hosted a well-attended investor day yesterday featuring key partners, presentations from senior management, a deeper look into product expansion opportunities, and a constructive financial outlook. With the recently-inked MLB rights deal now completed, SRAD is embarking upon a multi-year “golden period” when it should achieve significant leverage on sports rights costs while benefiting from strong relationships with leagues and OSB operators, and the opportunity to sell more of its product suite to its global customer base seems like it has never been greater. This position of strategic strength is supported by management outlining a growth and profitability algorithm pointing to ~15% long-term growth with substantial margin expansion and
improving FCF conversion. All of this helps support what we view as a very reasonable valuation, and we see plenty of room for the stock to continue moving higher given strong recent execution and achievable growth targets."

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