Flutter Entertainment price target lowered to $330 by Bernstein SocGen

Investing.com - Bernstein SocGen Group has lowered its price target on Flutter Entertainment (NYSE:FLUT) to $330.00 from $340.00 while maintaining a Market Perform rating. The company, currently trading at $249.94, has shown strong revenue growth of 15.6% over the last twelve months, with total revenue reaching $14.9 billion.

The price target reduction reflects updated estimates following the roll-off of Flutter’s India operations, which resulted in a $50 million impact on EBITDA.

Bernstein SocGen noted that strong performance in other international markets, particularly Italy and Brazil, partially offset the negative impact from India.

The firm made no changes to its weighted average cost of capital (WACC) calculations or other underlying assumptions in its valuation model.

Flutter Entertainment, a global sports betting and gaming company, continues to hold a Market Perform rating from Bernstein SocGen despite the adjusted price target.

In other recent news, Flutter Entertainment’s earnings outlook has been adjusted by Oppenheimer, which lowered its third-quarter U.S. EBITDA estimate to $28 million from a previous $171 million. This adjustment was attributed to unfavorable NFL betting outcomes and the timing of marketing investments. Oppenheimer also reduced its price target for Flutter Entertainment to $330, while maintaining an Outperform rating. Meanwhile, Stifel reiterated its Buy rating on Flutter Entertainment, highlighting CEO Peter Jackson’s optimism about prediction markets, which he described as potentially beneficial for the company. Citizens also maintained a Market Outperform rating with a $340 price target, noting the CEO’s confidence in expanding betting offerings to improve outcomes. In related industry news, DraftKings faced a price target reduction from Benchmark to $43 due to anticipated third-quarter challenges, including unfavorable sports outcomes and increased promotional expenses. These developments reflect the dynamic nature of the sports betting industry and the strategic adjustments companies are making in response.

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