Sportradar MLB extension removes ‘key headwind,’ says Jefferies

Jefferies says Sportradar’s (SRAD) new extension of its sports-rights deal with Major League Baseball “removes a key headwind from its story.” The exclusive agreement, which runs through 2032 and includes a potential equity stake in Sportradar for the MLB, adds on to Sportradar’s current exclusive agreements with the NBA, NHL, ATP, Bundesliga, and UEFA, the analyst tells investors in a research note. Jefferies views the company’s position in the online sports betting value chain as “increasingly secure and its path of earnings acceleration clearer.” It keeps a Buy rating on the shares with a $23 price target The stock in afternoon trading is up 2% to $21.82.