UPDATE: Morgan Stanley Downgrades Sportradar Group AG (SRAD) to Equalweight
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Morgan Stanley analyst Thomas Allen downgraded Sportradar Group AG (NASDAQ: SRAD) from Overweight to Equalweight with a price target of $19.00 (from $26.00).
The analyst comments "SRAD is attractively exposed to the high growth global sports betting opportunity ▪Scaled market leader in concentrated sports data distribution industry with broadest base of sport/event coverage. Diversified, recurring subscription-based revenue streams that provide predictability to FCF, with upside through rev-share in the US. However, sports rights cost inflation and increased competition from smaller competitors are key risks. Concerns around profitability / margins for sports betting stocks unlikely to be relieved near-term. Lower margins (20% in '23e) than Saas Comps and Info Services stocks affects comparability."
Shares of Sportradar Group AG closed at $15.47 yesterday.
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