Flutter Entertainment (FLUT) PT Raised to $350 at MoffettNathanson, 'FanDuel is in a unique position take a growing share of the economics in the U.S. online gaming'

MoffettNathanson analyst Robert Fishman raised the price target on Flutter Entertainment (NYSE: FLUT) to $350.00 (from $310.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating for Flutter (FLUT) and increase our price target by +$40 to $350. The higher price target is driven by upside to our 2030 U.S. EBITDA estimate. We still value Flutter U.S. at 12x 2030 GAAP EBITDA but now discount that back to 2027, while we now value Flutter ex-U.S. at 9x our 2027 GAAP EBITDA estimate (vs. 2026 previously for both). All in, this equates to $73 billion in enterprise value and $62 billion in equity value. We continue to believe FanDuel is in a unique position take a growing share of the economics in the U.S. online gaming business as the #1 OSB and a leading iGaming platform, while Flutter continues to leverage podium positions in markets outside of the U.S. With the current strength in the underlying business and clear growth trajectory ahead, we feel confident maintaining our EBITDA multiples despite rolling our valuation forward one year."

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