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On Friday, Needham analysts increased their price target on Rush Street Interactive (NYSE:RSI) shares to $17, up from the previous $15, while reiterating a Buy rating.
The adjustment follows discussions with the company's top executives at the Needham Growth Conference.
The analysts' new price target is based on a 20x multiple of the next twelve months' (NTM) enterprise value to adjusted EBITDA.
They said "RSI being relative more insulated from OSB headwinds relative to peers given revenue base is predominately iGaming and greater geographic diversification which helps this quarter."
During the conference, Rush Street Interactive's CEO Richard Schwartz and CFO Kyle Sauers discussed the company's strategic positioning.
The analysts highlighted RSI's optimistic outlook on the iGaming regulatory environment. The company expects to benefit significantly should any of the numerous bills introduced this year regarding iGaming legislation pass.
The Needham team's increased price target reflects their confidence in Rush Street Interactive's ability to navigate the current market and capitalize on potential regulatory changes.
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