Craig-Hallum starts Codere Online at Buy amid ‘strong secular tailwinds’

As previously reported, Craig-Hallum analyst Ryan Sigdahl initiated coverage of Codere Online with a Buy rating and $10 price target, calling Latin America “the next online gambling frontier.” Codere has strong secular tailwinds as an online gambling operator in Spain, Mexico, and Latin America, as well as unique competitive advantages in markets with high barriers to entry, contends the analyst. While the firm thinks the stock is attractive on its pure fundamentals, it also views Codere as “an increasingly attractive M&A target,” the analyst tells investors.