Codere Online Luxembourg SA

CDRO · NASDAQ

$8.99−$0.53 (−5.57%)TodayMarket closed · Oct 23, 4:10 PM ET

Prev close $9.52

CDRO analyst rating

HoldConsensus of 1 analyst over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold1
Underperform0
Sell0

12-month price target · 5 analysts

Average $12.24 (+36.2% upside)

Low: $10.10
Now: $8.99
High: $16.80

Upgrades and downgrades

The latest rating actions, newest first

CDRO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Mar 26, 2026	Maintains	Hold	$8.50 → $9.00	23%
Stifel	Jan 30, 2026	Downgrade	Buy → Hold	$9.00 → $8.50	23%
Stifel	Nov 18, 2025	Maintains	Buy	$10.00 → $9.00	23%

The case for and against

Updated Nov 16, 2024

Bull case

Codere Online Luxembourg SA demonstrated a positive financial trajectory, highlighted by a 16% year-over-year increase in average revenue per monthly active user (ARPMAU) and a significant 54% year-over-year growth in net gaming revenue (NGR) for Q4. Notably, the company's iCasino segment is gaining market share in Spain, contributing to a healthy overall market growth despite regulatory challenges, with a robust NGR growth of 50% year-over-year through the third quarter of 2023. Furthermore, the recent positive inflection in segment Adjusted EBITDA in Q1, alongside favorable performance in Colombia and the 'Other' segment, underscores the company's effective growth strategies and operational resilience.

Bear case

Codere Online Luxembourg's recent financial performance indicates a slight decline in EBITDA margins to 30%, primarily due to customer acquisition strategies that favor higher-cost iCasino players, resulting in a year-over-year increase of 34% in blended customer acquisition costs (CAC). The company’s negative EBITDA of €4.1 million, although better than expectations, highlights ongoing challenges related to under-penetration in key markets, reflected by a low net gaming revenue per capita. Additionally, a decline in first-time depositors, alongside foreign exchange impacts reducing cash balances by €2 million, raises concerns about the sustainability of growth amid increasing competition and shifting customer dynamics.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.