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Investing.com - Canaccord Genuity initiated coverage on Flutter Entertainment (NYSE:FLUT) with a Buy rating and a price target of $330.00 on Wednesday.
The research firm highlighted Flutter’s evolution from an Irish betting shop chain into the world’s largest online gambling operator with leading brands across global markets, including FanDuel in the US, Betfair and Sky Bet in the UK, and Sportsbet in Australia.
Canaccord noted that Flutter generates approximately 50% more revenue per dollar wagered compared to competitors, creating what it calls the "Flutter Edge" - a continuous improvement cycle where the company reinvests in technology and promotions to drive customer engagement and retention.
The firm pointed to Flutter’s global scale and execution track record as factors making its current valuation "quite attractive," with growth potential from increasing online penetration rates and continued same-game parlay adoption.
Canaccord also identified potential catalysts for upward estimate revisions, including regulatory progress in the US market and strategic merger and acquisition opportunities.
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