Sportradar initiated with a Buy at Stifel

Stifel initiated coverage of Sportradar (SRAD) with a Buy rating and $28 price target The firm sees Sportradar as “an attractive ‘picks & shovels’ play” on online sports betting growth, citing its recurring and predictable revenues, low hold/tax risk, near-zero churn and “wide moat” given the company’s leading scale and portfolio breadth. The firm additionally sees the company as in “pole-position” to compete for additional rights and still early-innings in upselling customers to higher margin and value products.