How are energy investors positioned?
Investing.com - Flutter Entertainment (NYSE:FLUT) stock rose Thursday after JMP analyst Jordan Bender reiterated a Market Outperform rating with a $345.00 price target on the company. The target sits well within the analyst range of $267-$393, with InvestingPro data showing the company maintains a GOOD financial health score and has delivered impressive revenue growth of 15.6% over the last twelve months.
FanDuel, owned by Flutter Entertainment, announced a partnership with CME Group (NASDAQ:CME) to offer event contracts on various financial benchmarks including the S&P 500, Nasdaq-100, commodity prices, cryptocurrencies, and economic indicators like GDP and CPI.
The company plans to build a separate application and website from its existing gaming platforms specifically for these event-based contracts, with a targeted launch in the fourth quarter of 2025.
JMP views the partnership with CME Group as "the first step to lay the foundation" for Flutter’s longer-term objectives, potentially positioning the company to establish an exchange if allowed at the federal level.
The analyst noted that if sports contracts are not made illegal by the Commodity Futures Trading Commission (CFTC), FanDuel appears to be "building the framework and infrastructure for an exchange long term."
In other recent news, Flutter Entertainment has received multiple price target upgrades following its second-quarter earnings report. Macquarie increased its price target to $340, citing revenue and EBITDA growth of 16% and 25% year-over-year, respectively. Benchmark also raised its price target to $365, noting that the company’s revenue and adjusted EBITDA figures exceeded consensus estimates. Bernstein SocGen Group adjusted its price target to $340, highlighting strong performance driven primarily by FanDuel. Meanwhile, Robinhood Markets (NASDAQ:HOOD) launched football prediction markets within its app, allowing users to trade on outcomes of professional and college football games. This new feature is integrated into Robinhood’s Prediction Markets Hub. Additionally, FanDuel announced a market access agreement with St. Louis CITY SC, paving the way for its mobile sports betting services to launch in Missouri. These developments reflect ongoing strategic moves and financial performance updates from the companies involved.
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