Codere could still regain compliance despite auditor news, says Stifel

Stifel analyst Jeffrey Stantial keeps a Buy rating on Codere Online (CDRO) with a $10 price target after the company announced the resignation of its auditor, Marcum. While context in the announcement is limited, a “smooth transition in auditor” could still see Codere manage to regain Nasdaq compliance in time to avoid delisting, the analyst tells investors in a research note. However, Stifel says Codere is now reliant on a successful Nasdaq appeal hearing with challenging time constraints, even assuming the company is granted extension to May 12, 2025. Stifel is, and suspects Codere Online is as well, surprised at Marcum’s decision to resign.