BTIG initiated coverage of Sportradar (SRAD) with a Buy rating and $28 price target. Sportradar is the largest operator in the business-to-business sports data and technology market alongside Genius Sports (GENI), notes the analyst, who views Sportradar as at the front-end of a multi-year monetization cycle with steady mid-teens-plus top-line growth. As the top-line story unfolds, the firm expects to see improving incremental margins, the analyst added.
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