Needham analyst Bernie McTernan reiterated a Buy rating on Sportradar Group AG today and set a price target of $34.00.
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Bernie McTernan’s rating is based on several compelling factors that highlight the strength of Sportradar Group AG’s business model and market position. Despite a recent sell-off in shares, McTernan views this as a reaction to the stock’s significant rise of 60% this year, driven largely by multiple expansion rather than a decline in the company’s fundamentals.
McTernan maintains a positive outlook on Sportradar’s revenue growth, expecting it to remain consistent with the first half of the year, alongside improved incremental margins. Furthermore, he believes that the competition for sports rights remains rational, which should bolster the company’s long-term margin health. These elements contribute to his confidence in the stock’s potential, justifying the Buy rating and an increased price target of $34.