Embattled firm Sportradar suffered another blow on 27 May, as J.P. Morgan analysts downgraded it to “neutral. ” Their price target remained at US$16 per share.
Morgan analysts wrote that “we see more compelling near-term upside elsewhere in our gaming coverage. ” They added that Sportradar “is likely reflecting a near worst-case scenario re: its unregulated exposure, [but] we do not see a clear path to its valuation improving near-term. ”
The Morgan team professed bafflement over the situation, writing that Sportradar leadership “has seemingly given investors everything they could have asked for (increased disclosure, teasing Prediction Market deal progress, accelerated share repo, CEO/insider buying, cost reductions), and for sentiment/valuation to improve from here.
