Sportradar Group AG: Strong Q1 Performance and Positive Outlook Drive Buy Rating

Needham analyst Bernie McTernan maintained a Buy rating on Sportradar Group AG (SRAD – Research Report) today and set a price target of $27.00.

Bernie McTernan has given his Buy rating due to a combination of factors including Sportradar Group AG’s strong financial performance in the first quarter. The company exceeded consensus expectations with an adjusted EBITDA that was 8% higher than anticipated, driven by improved margins and revenue.
Additionally, Sportradar’s revenue reached the upper end of their preliminary results range, and the adjusted EBITDA slightly surpassed the top end. The recent investor day highlighted the sustainability of the ad:s performance, which significantly contributed to the revenue beat. Furthermore, there is an expectation for directional growth in the core Betting Tech revenue for the remainder of the year, despite it being below initial expectations.

According to TipRanks, McTernan is a 4-star analyst with an average return of 2.9% and a 48.13% success rate. McTernan covers the Consumer Cyclical sector, focusing on stocks such as DraftKings, thredUP, and eBay.