Genius Sports price target lowered to $11 from $16 at BTIG

BTIG lowered the firm’s price target on Genius Sports (GENI) to $11 from $16 to “reflect sector-wide multiple compression” but keeps a Buy rating on the shares after its Q4 results. The company provided detail that was helpful in understanding the go-to-market strategy and approach to both first-person/agency business and the third-party/programmatic ecosystem, and the management sees runway for better performance over the balance of the year from Legend, existing agency relationships germinating, new agency relationships forming, the analyst tells investors in a research note.