Rush Street Interactive price target raised to $17 from $15 at Needham

Needham raised the firm’s price target on Rush Street Interactive (RSI) to $17 from $15 and keeps a Buy rating on the shares after holding talks with its management team at the Needham Growth Conference. The key parts of the conversation included Rush Street being relative more insulated from online sports betting – OSB – headwinds relative to peers given that its revenue base is predominately iGaming, along with the company’s greater geographic diversification helping this quarter, the analyst tells investors in a research note. Rush Street is also bullish on iGaming regulatory momentum and believes they would be an outsized beneficiary if at least one of the many recently introduced bills this year were to be enacted.