UBS analyst Ben Shelley maintained a Buy rating on Flutter Entertainment PLC today and set a price target of $340.00.
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Ben Shelley has given his Buy rating due to a combination of factors surrounding Flutter Entertainment PLC’s current market position and future prospects. One of the primary considerations is the potential impact of the upcoming UK Budget, which could serve as a pivotal moment for the company by clearing uncertainties related to UK tax risks. This event might allow investors to shift their focus back to the company’s core fundamentals, which are promising given the anticipated launch of FanDuel Predicts and the potential expansion of online sports betting legalization in the US.
Despite the challenges posed by competitive pressures in the US market, Flutter’s substantial scale and leadership in product offerings are expected to help it maintain its market share. While there are concerns about the impact of tax changes and competitive dynamics, these risks appear to be largely accounted for in the current stock price. Overall, the company’s strategic positioning and growth opportunities, particularly in the US market, underpin the Buy recommendation.
In another report released on November 18, Jefferies also maintained a Buy rating on the stock with a $380.00 price target.