Flutter Entertainment (FLUT) PT Raised to $328 at Citizens JMP

Citizens JMP analyst Jordan Bender raised the price target on Flutter Entertainment (NYSE: FLUT) to $328.00 (from $311.00) while maintaining a Market Outperform rating.

The analyst commented, “The Flutter profit warning in early January provided an accurate picture of 4Q. The adjusted estimates, accounting for negative sporting outcomes, resulted in revenue 1% above consensus expectations and in-line EBITDA. In a tough quarter for the U.S. business, it still increased market share for both iGaming and sports betting, and early 1Q25 results imply further market share gains across both business segments, despite a more in-line start YTD for game outcomes, compared to the industry seeing better-than-expected results.”

Also, “Flutter looks to capitalize on growth initiatives, both in the U.S. and across its newly announced international segment. The acquisitions, of NSX in Brazil, followed by the ramp in the newly converted (legalized) market, along with Snai in Italy for a combined ~$3B, will close in the coming months and be integrated throughout the year, while the sports betting launch in Missouri, and potentially Alberta, will be moving targets for modeling the company on a quarterly cadence. Within guidance, we find implied clarity with the first two months of 1Q25 reported and the implied 2Q25 EBITDA outlook for the U.S. to position the company for a beat and raise ahead of any market launches, in our view.”

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