Stifel analyst Jeffrey Stantial keeps a Buy rating on Codere Online (CDRO) with a $10 price target after the company announced the resignation of its auditor, Marcum. While context in the announcement is limited, a “smooth transition in auditor” could still see Codere manage to regain Nasdaq compliance in time to avoid delisting, the analyst tells investors in a research note. However, Stifel says Codere is now reliant on a successful Nasdaq appeal hearing with challenging time constraints, even assuming the company is granted extension to May 12, 2025. Stifel is, and suspects Codere Online is as well, surprised at Marcum’s decision to resign.
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Read More on CDRO:
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- Codere Online granted hearing to appeal Nasdaq delisting determination
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
