Intel stock spikes after report of possible US government stake
Investing.com - JPMorgan has raised its price target on Flutter Entertainment Plc. (LON:FLTR) (NYSE:FLUT) to GBP273.00 from GBP271.00 while maintaining an Overweight rating.
The adjustment follows Flutter’s Q2 earnings report, which exceeded expectations with quarterly EBITDA beating forecasts by 14%, prompting the company to raise its FY25 EBITDA guidance by 4%.
Despite these positive results, Flutter shares fell 8% on Friday, which JPMorgan attributes to external factors rather than the earnings report itself, noting the stock had reached an all-time high before the announcement.
The company demonstrated strong iGaming performance with double-digit organic growth in both US and International segments, while Sports betting showed mixed results with 11% growth in the US but a 7% decline internationally, affected by tough year-over-year comparisons related to the Euros tournament.
JPMorgan suggests the share price weakness stemmed from media reports indicating a potential doubling of UK gaming tax rates ahead of the UK Autumn budget expected in late October or early November, which affected multiple gaming stocks including Flutter, Entain, and Evoke.
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