Stephens analyst Jeff Cohen initiated coverage of Allied Esports with an Overweight rating and $5 price target, saying the company is well positioned to capitalize ont he rapidly growing demand for in-person esports content with their HyperX Arena on the Las Vegas strip. Cohen added that in-person events are leveraged to create compelling content that is packaged and sold to distribution partner, and Allied Esports' business model follows the successful playbook of its subsidiary, World Poker Tour. The analyst believes there is a "big opportunity" if they can replicate this model for esports, which he says is a "much bigger and faster growing" market than poker.