Codere Online downgraded to Hold from Buy at Stifel

Stifel downgraded Codere Online (CDRO) to Hold from Buy with a price target of $8.50, down from $9. The shares are up more than three-fold from the mid-2022 lows due to total addressable market expansion in Codere’s two core markets of Spain and Mexico, stable-to-expanding market share, and a growing takeout premium, the analyst tells investors in a research note. However, the firm believes the company’s estimates valuation “still need to reset” for the recently announced Mexico tax hike.