On Thursday, Sportradar Group AG (NASDAQ:SRAD) received a reiterated Buy rating and a $16.00 price target from Canaccord Genuity. The firm's assessment followed Sportradar's solid fourth-quarter performance, which exceeded expectations in terms of revenue and profitability. The company attributed this success to the strength across its various segments.
Sportradar has recently launched new audiovisual products for the ATP and NBA, leveraging its expanded rights partnerships. These products are designed to enhance live wagering by developing new in-play markets and offering more immersive viewing experiences.
The company's management has provided guidance for the fiscal year 2024, anticipating revenue and adjusted EBITDA to grow by approximately 20% year-over-year. However, they expect margins to compress in the first half of the year before expanding in the latter half as they manage the impact of new rights deals and ongoing restructuring.
The company announced strategic actions in late January aimed at streamlining its organizational structure. In a related development, Sportradar's CFO, Ger Griffin, will be departing at the end of May for personal reasons, and the process of finding his successor is currently in progress.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.