Sportradar price target lowered to $31 from $34 at Citizens

Citizens lowered the firm’s price target on Sportradar (SRAD) to $31 from $34 and keeps an Outperform rating on the shares. The stock pressure appears driven by concerns that the core business is slowing, as Sports Content, Technology & Services revenue rose 5% year over year but missed expectations due to timing and FX impacts, which also weighed on U.S. revenue growth, the analyst tells investors in a research note. However, stronger-than-expected cost control drove EBITDA of EUR 89M, a 6% beat, suggesting the company may be in the midst of a free cash flow inflection, the firm says.