Sportradar initiated with an Outperform at Macquarie

Macquarie initiated coverage of Sportradar (SRAD) with an Outperform rating and $32 price target Sportradar is an $8B market cap company with the “technology, trust, and integrity to grow the ecosystem” of sports betting with three of the big four U.S. leagues in its portfolio, the analyst tells investors. The market is still underestimating more U.S. state legalization, the in-play betting shift, and further market penetration in international markets, contends the analyst, who doesn’t think Sportradar’s current valuation is reflective of OSB in California and Texas nor a U.S. in-play shift above 50% this decade.