Genius Sports Limited (GENI) Outperforms with Bright Future: McTernan’s Buy Rating and $9 Price Target

Needham analyst Bernie McTernan reiterated a Buy rating on Genius Sports Limited (GENI – Research Report) today and set a price target of $9.00.

Bernie McTernan’s rating is based on the robust performance and positive outlook for Genius Sports Limited (GENI). Notably, the company’s stronger than anticipated results in the first quarter of fiscal year 2024 played a significant role in this assessment. McTernan has increased the adjusted EBITDA estimates for the fiscal years 2024 and 2025 by 11% and 2%, respectively, due to this outperformance. The company’s media revenue, driven by increased spending from US sportsbooks during significant events, was a key factor contributing to this quarter’s success. McTernan anticipates this momentum to carry forward into the second half of 2024, bolstered by a packed US sports calendar.

Furthermore, McTernan is encouraged by Genius Sports Limited’s confident outlook for fiscal year 2025, wherein the company expects to achieve double-digit growth and expand its adjusted EBITDA margin. This is despite the forecasted partial-year cost increases associated with the English Premier League. This outlook aligns with McTernan’s projections and offers a counter-narrative to concerns about potential margin contractions. The company’s strategic positioning and financial forecasts underpin McTernan’s Buy rating and the $9 price target for GENI.

According to TipRanks, McTernan is an analyst with an average return of -5.4% and a 39.35% success rate. McTernan covers the Communication Services sector, focusing on stocks such as Shutterstock, Zillow Group Class C, and Genius Sports Limited.

In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $9.00 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Genius Sports Limited (GENI) Company Description:

dMY Technology Group Inc II is a blank check company.