Bernstein lowered the firm’s price target on Flutter Entertainment (FLUT) to $125 from $170 and keeps a Market Perform rating on the shares following quarterly results. The firm says FanDuel faces accelerating competition across three major U.S. OSB verticals. Persistent regulatory and operational hurdles in international markets now add further uncertainty to a model that once promised attractive near-term capital returns. Bernstein remains on the sidelines as it continues to monitor key KPIs for a meaningful re-acceleration in engagement.
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