Sportradar price target raised to $16 from $15 at Needham

Needham analyst Bernie McTernan raised the firm’s price target on Sportradar to $16 from $15 and keeps a Buy rating on the shares. The company’s 20244 will mark a substantial investment year for new sports rights, including deals with the NBA, ATP, and secondarily renewals with NASCAR, the Bundesliga and a new deal with CONMBOL, the analyst tells investors in a research note. The firm adds however that Sportradar should be able to generate a 20% adjusted EBITDA CAGR in the coming years, driven by revenue growth in FY24 and then operating leverage in FY25 and FY26.