Stifel notes two separate short reports were published earlier today, both arguing the similar conclusion that Sportradar (SRAD) knowingly or turns a blind eye to the distribution of its data/products to illegal operators via re-sellers/aggregators. While the firm agrees “there may be some, mostly legacy pre-IPO, ‘bad’ revenue exposure that may need to be cleaned up eventually,” it thinks the “quantum is being massively over-estimated” and views this as buying opportunity. Stifel keeps a Buy rating and $25 price target on Sportradar shares.
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