BofA’s Hartnett says concentrated U.S. stock returns are likely to persist
Investing.com - JMP Securities raised its price target on Flutter Entertainment (NYSE:FLUT) to $323.00 from $301.00 on Tuesday, while maintaining its Market Outperform rating on the stock. The new target sits within the analyst range of $259 to $380, with the stock currently trading near its 52-week high of $299.73.
The firm cited Flutter’s leading position in U.S. online gaming and several international markets as key factors behind the increased target.
JMP also highlighted Flutter’s global scale and strong balance sheet as reasons for its positive outlook on the company.
The research firm identified Flutter as its "top pick" in the gaming sector, suggesting confidence in the company’s competitive positioning.
Flutter Entertainment operates several online betting and gaming brands across multiple international markets, with a significant presence in the growing U.S. online gaming industry.
In other recent news, Flutter Entertainment has made significant strides in its financial and strategic endeavors. The company announced securing a $1.75 billion bridge loan to support various financial needs, including transactions, fees, and general corporate purposes. This loan, arranged with a group of banks, will mature in 12 months, with options for extension. In addition, Flutter Entertainment has increased its ownership of FanDuel to 100%, a move described by BofA Securities as occurring on "attractive terms," leading them to raise their price target for the company to $330.
JMP Securities maintained its $301 price target on Flutter, noting that the full acquisition of FanDuel removes any stock overhang concerns. Meanwhile, BTIG has raised its price target to $302, adjusting revenue and EBITDA forecasts for Flutter’s U.S. operations. Jefferies resumed coverage of Flutter Entertainment with a Buy rating and a price target of $380, citing potential growth opportunities and a simplified business narrative. These developments have positioned Flutter favorably in the eyes of analysts, who see potential for strong growth in the coming years.
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