Sportradar price target lowered to $15 from $17 at Needham

Needham analyst Bernie McTernan lowered the firm’s price target on Sportradar (SRAD) to $15 from $17 but keeps a Buy rating on the shares after its Q4 results. AI is shaping up to be a key topic in the sports betting tech space, with a recent mention during the company’s earnings call and Genius Sports’ (GENI) recent deal with the NBA for the next iteration of its Second Spectrum technology platform, the analyst tells investors in a research note. The firm adds however that it has reduced its 2023 and 2024 EBITDA estimates on higher expected AI spending.