Flutter Entertainment initiated with a Buy at Canaccord

Canaccord analyst Jason Tilchen initiated coverage of Flutter Entertainment (FLUT) with a Buy rating and $330 price target The company has developed a portfolio of brands that maintain a leading or “podium position” in many of the largest and fastest growing betting markets around the world through a series of acquisitions, the analyst tells investors in a research note. The firm says sharing pricing, product innovation, and other best practices across borders has allowed Flutter to generate roughly 50% more revenue from each dollar wagered relative to its competitors. Canaccord believes the stock’s valuation “remains quite attractive” given Flutter’s track record of execution and global scale. It sees a “long runway for growth” from increasing online penetration rates and continued same game parlay adoption.