Codere Online price target raised to $9 from $8.50 at Stifel

Stifel raised the firm’s price target on Codere Online (CDRO) to $9 from $8.50 and keeps a Hold rating on the shares. Recent media reports suggest that parent company and 66%-owner, Codere Group, has begun a formal sale process and though the firm understands there is no mandatory takeover requirement for the 33% publicly-traded Codere Online stub on change-in-control, it argues that a sale of the parent may lead to a takeout of the Online unit as well given simplification of corporate structure and omnichannel strategy for a strategic acquirer.