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Investing.com - Berenberg lowered its price target on Flutter Entertainment Plc. (NYSE:FLUT) (FLTR:LN) to GBP242.00 from GBP247.00 while maintaining a Buy rating on the stock.
The firm cited adverse sports results as a key factor in cutting estimates, though it noted this was partially offset by stronger performance in the iGaming segment.
Berenberg also adjusted its projections to reflect Flutter’s closure of operations in India, which impacted the company’s business outside the United States.
Despite these adjustments, Berenberg emphasized that Flutter continues to lead in the US market with its sports-betting business "going from strength to strength" while outgrowing peers in iGaming.
The firm characterized the recent 17% sell-off in Flutter shares over the past 10 days, driven by concerns about potential disruption from prediction markets, as "overdone" and noted its new price target represents 30% upside potential.
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